Sir Speedy Pays $4 Million for Accounting Franchiser

Sir Speedy Inc., a quick-printing franchiser based here, said Monday it has acquired Comprehensive Accounting Corp., an Illinois franchiser of accounting services, for more than $4 million in cash.

The sale, which includes certain franchise contracts, trademarks, trade secrets and accounts receivable, will mark Sir Speedy’s entry into the financial services industry.

Comprehensive operates 223 franchise outlets throughout the United States. The outlets are staffed by certified accountants who provide monthly accounting, bookkeeping, tax and business consulting services primarily to small and medium-size businesses. Founded in 1949, the company had revenue of $10 million in 1989.

Comprehensive plans to move its headquarters from Aurora, Ill., to Carlsbad in San Diego County in November, said Don Lowe, Sir Speedy president and chief executive. He said about half of Comprehensive’s 37 employees have agreed to be relocated to California and 20 more employees will be hired by the year’s end.

The company eventually will change its name to Comprehensive Business Services Inc. Sir Speedy plans to merge the operations of its subsidiary, California Franchise Industries Inc., into the new company, Lowe said.

“What we liked about (Comprehensive) is that their customers and ours are about the same--small and mid-size companies--and we’re both in the franchising business,” Lowe said. As the service sector expands at a faster rate than other U.S. businesses and new business formation continues to rise, Lowe said there will be an increased need for accounting and printing services.

C. Robert Wissler, a Sir Speedy senior vice president, has been named president and chief operating officer of Comprehensive, which will be operated as a subsidiary of Sir Speedy.