One River CPAs acquires Augusta firm to help build audit practice
Courtesy / One River CPAs
Augusta accounting firm Gibson LeClair LLC, headed by Jeanne Gibson and Steve LeClair, was acquired by One River CPAs.
Oakland-based accounting firm One River CPAs has acquired an Augusta firm, Gibson LeClair LLC, and is looking to continue growth.
One River Director Jamie Boulette wouldn’t disclose terms of the deal Tuesday, but told Mainebiz the firm has retained all 11 members of Gibson LeClair, including principals Jeanne Gibson and Steve LeClair. Both now serve as directors, and One River now has a staff of 31.
One River had 2019 revenues of $2.9 million, ranking the firm No. 11 in the state, according to the 2021 Mainebiz Book of Lists. Boulette projects the annual revenues of the combined firm to be about $4 million, which could move it up a few notches.
With the deal, One River adds Gibson LeClair’s office, at 150 Capitol St., Augusta. One River has been headquartered at Oakland’s FirstPark business campus since its opening 20 years ago, and also has an office in Bath.
Although the firm, founded in 1984, is operating virtually these days because of the pandemic, Boulette said the expanded brick-and-mortar presence in central Maine is important.
“It matters that we’re here, in the community,” he said. “This may be a new world, but in a way we’re old-fashioned.”
The acquisition will help deepen One River’s expertise in nonprofit audit services, according to Boulette. Gibson LeClair has been recognized as one of the state’s “premier” firms in that specialty, and will complement One River’s capabilities in others.
“Over the last 30 years, we’ve realized we can’t do everything,” he said. “We’re now out of the realm of just being generalists.”
Other acquisitions may be on the horizon, he added. One River is looking to grow to at least 35 staff, but that target could go even higher.
“You really have to do it. It’s either grow or die.”
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