Virchow Krause Merger Opens Doors to the Windy City Market
Last week, Virchow Krause & Company, LLP announced its merger with KGN Financial Group.
In making the announcement, KGN Financial Group Managing Member, Stephen D. Levin, stated, “This merger will provide our clients with access to many additional services and areas of expertise. Combining our practices will strengthen our base of industry knowledge and expertise and offer our clients many specialized services to meet their growing needs.” Levin will serve as Managing Partner of the Chicago practice and will hold a seat on the firm’s Executive Committee.
As Virchow Krause, the former KGN Financial Group will continue to operate from its existing location on Michigan Avenue.
According to The Accounting Report by Art Bowman, the firms combine to have more than 850 staff including 122 partners, $132 million revenue for the trailing year ($121 million at VK and $11 million at KGN) and 12 offices. VK budgets for $145 million in the coming year. "We want to be a $200 million firm in 2007," Christian says. He wants 200+ professionals in each of the firm's five major offices.
“When we look for firms with which to merge, we look at the quality of the people and the reputation of the firm. We also look for firms that serve clients similar to ours, and are located in areas in which we would like to expand our practice,” said Tim Christen, CEO of Virchow Krause. “KGN Financial Group has an impressive reputation as a high quality firm and we view the Chicago market as a very viable and growth-oriented market.”
As for the future, Levin is optimistic about the firm’s continued growth in the areas that are most important to its clients. “We need to be on the cutting edge of providing a full complement of services that our clients want and need. As Virchow Krause, we will enhance our ability to deliver the high quality and expansive services that our clients require.”
Voice of the Editor
Which isn’t completely true. I mean, occasionally I drop by when I manage to sneak out of the nonstop frat party over at Going Concern, but I’m mostly a wallflower over there. I’m happy to say that I’ve been given express permission (or explicit orders, if you like) to wander over here to AccountingWEB more often.
Why is that, you might ask? My job is to replace the irreplaceable Gail Perry as Editor-in-Chief. What does that mean? I don’t really know! I think it’ll be fun getting a feel for things, throwing in my own thoughts here and there, and listening to the discussions you’re having about the accounting profession.