BDO USA has expanded its New York and Los Angeles practices by adding six partners and 65 staff members from Salibello & Broder, effectively acquiring the firm.
Salibello & Broder dates back to 1978 and specializes in servicing employee benefit plans and high-net-worth clients. The firm also has niches in the entertainment and apparel industries. The combination will add 57 staff members in New York and eight in Los Angeles to BDO who will relocate to BDO’s existing offices this year. BDO already has approximately 263 partners and 2,500 staff.
The transaction is effective immediately, BDO said Thursday. Financial terms were not disclosed. BDO ranked seventh on Accounting Today’s 2011 list of the Top 100 Firms, with $585 million in annual revenue.
“The addition of the partners and other professionals formerly with Salibello & Broder adds significant resources to BDO’s well established presence in the New York and Los Angeles markets,” said BDO USA CEO Jack Weisbaum in a statement. “The firm’s entrepreneurial culture is a natural fit for BDO, and their partners’ deep-rooted community involvement and business relationships will be a major benefit to our firm.”
Salibello & Broder’s former managing partner Salvatore Salibello, who will become a partner at BDO, noted that the two firms complemented each other well. “BDO has a uniquely compatible practice philosophy of providing the highest quality service to entrepreneurial businesses and high-net-worth individuals,” he said in a statement. “We also enjoy strengths in many complimentary service areas—such as employee benefits, apparel and entertainment—that will make our transition into the firm as seamless as possible. By combining with BDO we will be able to provide our clients—both domestic and multi-national—an even wider array of services, expanded geographic coverage, extensive industry experience and additional resources.”
Along with Salibello, the other partners from his firm who will be joining BDO include Gary Broder, Tony Calabrese, Joseph Capparelli, Ross Rizzo and Dan Zeman.
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