THE VIRGINIAN-PILOT
Copyright (c) 1995, Landmark Communications, Inc.
DATE: Saturday, September 23, 1995 TAG: 9509230262
SECTION: BUSINESS PAGE: D1 EDITION: FINAL
SOURCE: BY LON WAGNER, STAFF WRITER
LENGTH: Short : 42 lines
Big Six accounting firm Coopers & Lybrand L.L.P. is buying the Virginia Beach operations of one of its national competitors, Ernst & Young LLP, the companies announced Friday.
The consolidation leaves South Hampton Roads with offices of just three of the nation's largest accounting firms, known as the Big Six. The other Big Six firms with offices in Hampton Roads are KPMG Peat Marwick and Price Waterhouse.
Ernst & Young gave no reason for leaving Hampton Roads. Ernst & Young took a hit in 1991 when it lost its largest client, C&S/Sovran bank, which was bought out by NCNB.
Coopers & Lybrand's new Hampton Roads operation will combine the 21-member staff of Ernst & Young's Virginia Beach office with Coopers & Lybrand's 29-member staff. Coopers managing partner Stephen Halliday said ``substantially all'' of the people now working at the two firms would be employed by the new Coopers & Lybrand operation. A few will be offered transfers, he said.
``Best deal we've made in years,'' Halliday said of the buyout. ``We at Coopers have just come off our two best years ever in the Hampton Roads market, and I think that's why we're so excited about this transaction.''
In combining the two firms, the new Coopers & Lybrand will move in early October from the World Trade Center in downtown Norfolk to One Columbus Center in Virginia Beach.
The office will be run by Halliday and Bill Dodson - partners from Coopers - and Ernst & Young partners Pat Barberich and Joe Robbins. Ernst & Young managing partner N. Robert Kopecko Jr. is transferring to the firm's Washington office to lead its entrepreneurial service practice.
The combined Coopers & Lybrand in Virginia Beach will focus on four areas: manufacturing, financial services, non-profits and medium-sized entrepreneurial companies, Halliday said. by CNB