"This is a merger of two well-respected and well-managed firms", said Steve Robey, CPA, CVA, presiding member of the new firm." It is a bold and an exciting move forward for both Arnett & Foster and Toothman Rice. Our combined expertise will make Arnett Foster Toothman well equipped to provide companies, nonprofits, and individuals the highest level of service."
Robey noted that Toothman Rice brings to the new partnership valuable experience in rapidly expanding segments, such as oil and gas and construction, which he said complements Arnett & Foster's strengths in such disciplines as health care, banking, and tax. "We will now have more opportunity for even greater specialization and will be in a position to provide more diverse technical support to clients", he said.
"The new firm's geographic footprint also will offer clients more accessibility to services and personnel", added Robey. He also noted the management teams of both firms will remain intact.
"This is an exciting and monumental day for the Toothman Rice team", noted Tom Aman, CPA, manager member of Toothman Rice. "We are bringing together sixty years of experience from both firms, a distinction very few can offer."
This merger represents Arnett & Foster's second strategic growth initiative in the last sixteen months. In March of 2011, Arnett & Foster expanded across state lines with the opening of a Columbus, Ohio, office. That move "enhanced the firm's services to the growing sector of health care - particularly hospitals, nursing homes, and medium-to-large practice groups - throughout Ohio and contiguous states", stated Robey.
The two firms share similar historical timelines. Arnett & Foster was founded in 1950 and has ninety employees. Toothman Rice began business in 1952 and has 50 employees. The new company will have offices in five West Virginia cities: Charleston, Bridgeport, Morgantown, Buckhannon, and Lewisburg, and one in Columbus, Ohio.
For now, each firm will retain its name; however, management of both firms noted that plans for a name change are imminent. The name of the combined firm will be Arnett Foster Toothman PLLC. The owners of Arnett & Foster and the owners of Toothman Rice will own the new entity, which includes six partners from Toothman Rice and seventeen from Arnett & Foster.
Source: Arnett & Foster