E. Cohen and Co. CPAs, a firm based in Rockville, Maryland, is merging in DeVan & Lowery PA, another CPA firm in its home town.
The merger will expand E. Cohen’s presence in the D.C. metro area and give DeVan & Lowery clients access to expanded services including IT and wealth management, international taxation, estate and trust planning, financial statement auditing and cybersecurity. Financial terms of the deal and revenue figures were not disclosed. Following the merger, E. Cohen will add two principals for a total of 13. The combined firm will have nearly 100 full-time employees.
“We are very excited about the combination of firms,” said E. Cohen managing principal Eric Cohen in a statement Wednesday. “DeVan & Lowery is a wonderful organization with gifted professional staff and we are certain that they will prove to be an invaluable asset to our clients and the organization as a whole.”
The deal will help both firms deal with the challenges posed by the so-called Great Resignation and the increasing complexities of regulatory compliance.
“When we set out to find a larger firm to merge with, there was a very short list of highly capable midsized firms,” said Jay DeVan, a partner at DeVan & Lowery, in a statement. “At the top of that list was E. Cohen,” he remarked. “We knew this was the perfect opportunity to better serve our clients while more easily meeting new industry demands and providing the best professional growth opportunities for our employees.”
E. Cohen caters to clients in various sectors and industries, including biotechnology, construction, high-net-worth individuals, government contractors, nonprofit associations, real estate, technology and emerging businesses. DeVan & Lowery will be absorbed into E. Cohen’s current organizational structure and operate under the E. Cohen name, with employees and principals joining their colleagues at the E. Cohen headquarters in Rockville.
