The Bonadio Group, a Top 100 accounting firm, has acquired ParenteBeard’s branch office in Syracuse, N.Y.
The acquisition, to be completed on Aug. 1, 2011, will add nearly $3 million in firm revenues, 21 employees, and four new partners. The Bonadio Group will increase its headcount to 55 in the Syracuse region, and more than 375 across upstate New York.
ParenteBeard serves middle-market and small business clients across the Mid-Atlantic region. The firm’s experience in working with financial institutions, as well as its corporate governance and risk management capabilities, is expected to strengthen Bonadio’s service offerings to clients across the state. In addition, ParenteBeard’s existing expertise in nonprofit and union/government work will augment Bonadio’s current service offerings in this arena.
“We are always looking for opportunities to grow our business, and offer new services to our current clients in all regions,” said CEO and managing partner Thomas Bonadio in a statement. “The acquisition of ParenteBeard’s Syracuse office is part of our aggressive strategy to expand our footprint in new markets throughout upstate New York.”
The Bonadio Group plans to move its current Syracuse office to the existing ParenteBeard location following completion of the acquisition in August.
The Bonadio Group entered the Central New York market in 2007, after its merger with former Syracuse firm Loguidice and Kamide. With more than 375 employees and annual revenues of more than $45 million, the firm has successfully expanded its reach across upstate New York from Albany to Buffalo, with offices in Albany, Rochester, Buffalo, Perry, Geneva, and Syracuse.
The firm ranked 70th on Accounting Today’s 2011 list of the Top 100 Firms, while Parente Beard ranked 23rd with $163 million in annual revenue.
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