Kennebunk HR company acquires Portland payroll services provider
Photo / Courtesy, Paper Trails
From left, Local Economy Payroll owners Jim Belanger and Tom Gangewer flank Paper Trails President Chris Cluff.
Paper Trails, a payroll and human resources services company headquartered in Kennebunk with an additional office in Topsham, has acquired Local Economy Payroll, a family-run payroll service provider in Portland.
The deal comes as Local Economy’s founders, Tom Gangewer and Jim Belanger, transition into retirement.
“As Jim and I began planning for retirement, it was crucial to find a partner that shares our values and dedication to excellence for both our clients and employees,” said Gangewer. “Paper Trails has been a great friend to us as our industry evolved and compliance challenges grew.”
Local Economy’s founders have over 50 years of combined accounting experience.
Terms of the deal, which closed Oct. 18, were not disclosed.
“We are honored that Tom and Jim have entrusted us with continuing to provide exceptional payroll and HR services to their clients,” said Chris Cluff, president of Paper Trails. “We are committed to maintaining or even exceeding the level of service and personal attention that Local Economy’s clients have come to expect.”
Founded in Brunswick in 2004, Paper Trails provides payroll and human resource services. The company has expanded its reach to serve thousands of clients across Maine and New England.
In addition to the two founders, Local Economy had two employees, who have transitioned to Paper Trails, which now has a staff of 17.
Before the acquisition, Paper Trails served approximately 850 clients and a total of about 12,000 employees throughout Maine and New England.
Local Economy served about 200 businesses and a total of about 2,400 employees. With the acquisition, Paper Trails will be providing services to all of Local Economy’s clients.
The acquisition came about through a long relationship between the two firms, Jon Portanova, Paper Trails’s marketing director, told Mainebiz.
“When Tom and Jim started thinking about their next steps and planning for retirement, they reached out to Chris, our owner,” Portanova said. “They knew Paper Trails was aligned with their values — we use the same payroll system and prioritize excellent customer service.
"That shared approach made us the natural fit to take over, ensuring a smooth transition for their clients and continuing the high level of service they’re accustomed to.”
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