As part of its aggressive expansion plan, Fiducial, an international
provider of professional business outsourcing services to small
businesses and entrepreneurs, announced today that it has signed
a definitive agreement to acquire the accounting offices of Indianapolis,
IN-based Frontier CPA Group, LLP. Terms of the agreement, effective
October 1, 2004, were not disclosed.
The acquisition adds 10 offices to the growing Fiducial network
including seven in the Indiana cities of Indianapolis, Fort Wayne,
Brookville, Columbus, Muncie, Greenfield and Greenwood, along with
offices in Chicago, IL, Cincinnati, OH, and Louisville, KY, and
adds over 5,600 small business and individual clients to the organization's
growing client base. As a result of the deal, Frontier is officially
changing its name and will be operating under the Fiducial brand.
In a separate transaction, Fiducial signed a stock purchase agreement
for Frontier Lending Corporation, Frontier Financial Consultants
and Diamond Title and Escrow, Inc. Details of the purchase, also
effective Oct. 1, 2004, were not released.
Clearly, Fiducial's expansion plans are on track to become the
number one outsourcing company for small businesses, according to
Yves Morard-Lacroix, Fiducial's Executive Vice President.
"These new offices complement us in terms of having an expanded
geographical presence," said Morard-Lacroix. Having established
a solid foundation on both coasts, the head of Fiducial's U.S. operations
noted that the 10 offices offer a consistent presence in the Midwest
that will become a "stronghold" for Fiducial.
"The Louisville and Indianapolis markets are now ours,"
he said. "And we will continue to acquire offices in this region."
Fiducial's expansion plans call for establishing 100-150 offices
across the U.S. and the company is devoting the resources necessary
to accomplish that objective.
Added Bill Morice, Fiducial's Director of Field Operations, "We're
not finished in the Midwest. We will be announcing additional acquisitions
which will be integrated with the Frontier offices."
In addition to establishing a strong position for Fiducial in Illinois,
Ohio, Kentucky and Indiana, the Frontier acquisitions add mortgage
and title services to Fiducial's existing services and product lines.
Frontier's founder, Troy Patton, CPA, sees the acquisition as a
secure fit for both companies, especially from an entrepreneurial
"I really saw our business model and Fiducial's model as being
more similar than our competition," said Patton. "I think
we have a better mousetrap. The integration of services is extremely
It's also an opportunity for Fiducial to expand on the ground work
that Frontier has started in the Midwest. Growing from a one-person
start-up eight years ago to an 80-member staff with 10 offices,
Frontier has doubled its revenues en route to becoming recognized
as one of the fastest growing CPA firms in the Midwest.
"It was our ambition to grow throughout the U.S.," said
Patton. "Fiducial will give us the ability to accomplish those
goals. We had the chance to accomplish something great with an integrated
delivery of financial services and to continue to expand on what
we've done since 1996, and we went for it."