Bonadio merges in Muffoletto
The Bonadio Group, a Top 100 Firm, has merged in the Vincent J. Muffoletto CPA firm in Buffalo, N.Y., effective immediately.
The deal expands Pittsford, N.Y.-based Bonadio’s footprint in western New York. Financial terms of the deal were not disclosed, but the Bonadio Group is anticipating annual revenue of $110 million at the close of its fiscal year 2018, which ends next April. The firm ranked 39th on Accounting Today’s 2017 list of the Top 100 Firms, with $106.59 million in annual revenue.
As part of the deal, James “Jim” Muffoletto, a second-generation owner, and three of his colleagues will join Bonadio’s Buffalo office. He will become senior counsel at Bonadio, and one of his staff members will be a principal at the combined firm. There are 12 partners at the Buffalo office.
“Serving our clients has been a top priority since my father started the firm in 1958,” Muffoletto said in a statement. “One of the driving factors behind this merger with the Bonadio Group was to expand our capabilities to better serve our clients. This agreement provides our employees and clients with access to an even wider range of accounting, financial and consulting resources and expertise, as well as a network of offices across the state.”
Bonadio now has 10 offices serving more than 16,000 clients in New York. “We are privileged to have Jim and his colleagues join the firm,” said CEO Thomas Bonadio in a statement. “They’ve earned a top-notch reputation in western New York for their expertise in foundations and other high-profile clients. Our clients will benefit from the significant capabilities this team brings to the Bonadio Group.”
This is the Bonadio Group’s second deal in recent weeks. In late October, Bonadio acquired the EFPR Group’s nursing home practice. The EFPR deal expanded the firm’s health care clientele, particularly nursing homes, with 20 new employees joining Bonadio’s Rochester, N.Y., office.