M&A Roundup: Sax adds Hunter Group; Novak Francella merges in Buckley Frame Boudreau
Sax adds Hunter Group
Details: Sax LLP has combined with Hunter Group LLC, a firm based in Fairlawn, N.J., effective Nov. 1, 2017.
Both firms celebrated their 60th anniversaries last year. Financial terms of the deal were not disclosed, but the combined firm’s annual revenue will be $37.5 million after the acquisition. Before the combination, Sax had 22 partners and 144 employees, while Hunter has eight partners and 24 employees, for a total of 30 partners and 168 employees after the merger takes effect. The firm will also have a total of three offices in Clifton, N.J., Fair Lawn, N.J., and New York City.
“The addition of Hunter Group brings common synergies and complementary strengths that will enhance our role as our clients’ most trusted advisors,” said Sax managing partner Joseph A. Damiano in a statement. “This strategic move was taken with our clients and our people in mind, and Hunter Group’s decades of experience and commitment to New Jersey businesses and families will benefit our entire client base and team.”
Kevin J. Hansen, co-managing director of Hunter Group, said the two firms share a similar philosophy. “We believe this alliance with Sax will thrive on our similar service philosophy, joint expertise, and commitment to our clients’ lifelong business and personal financial goals,” he said.
Hunter Group co-managing director Frank Pawlowski believes the combination will extend the combined firm’s reach. “With our similar mindsets, our commitment to our clients will only deepen, and we can extend our reach and enhance our service offerings even further,” he said in a statement. “Sax has demonstrated steady growth during its 60 plus years of existence, which speaks volumes to their forward-thinking approach in this industry. We are looking forward to joining their team.”
Accountants Advisory Group CEO Joseph Tarasco consulted on the transaction.
This is Sax’s second M&A deal this year. In July, Sax Wealth Advisors, a subsidiary of Sax LLP, acquired Sterling Portfolio Management, a wealth management firm based in Tuxedo, N.Y. (see M&A Roundup: Sax acquires Sterling; Cruise adds AC Tax & Accounting).
Novak Francella merges in Buckley Frame Boudreau
Details: Buckley Frame Boudreau & Company has joined Novak Francella LLC, a Philadelphia-based CPA firm that specializes in providing accounting and advisory services to the labor and multiemployer benefit plan market. Buckley Frame Boudreau has been a longtime service provider to labor unions and multiemployer benefit plans for over 30 years and is headquartered in Killingworth, Conn. Financial terms of the deal were not disclosed.
“As we continue our expansion in New England, we recognized Buckley Frame Boudreau as a firm that shares our commitment to the market and shares the core values of our firm,” said Novak Francella managing partner Peter Novak, CPA, in a statement. “We are both dedicated to providing exceptional client experiences through a highly engaged, effective and dedicated staff. Although we already enjoy a strong presence in New England, merging our practices means clients have greater access to resources and staff.”
Buckley Frame Boudreau partners Robert Boudreau and Gerard Frame are both CPAs with a similar perspective on the New England market.
“Our firm has been a proud provider of audit, tax and advisory services to the labor and multiemployer benefit plan market,” Boudreau said in a statement. “Merging with Novak Francella will allow us to immediately expand our service area and provide additional advisory and consulting services to our clients.”
By adding Buckley Frame Boudreau, Novak Francella will become the largest provider of accounting, audit, tax and advisory services to labor and multiemployer benefit plans in New England.
The firm has offices in Philadelphia, New York, suburban Washington, D.C., Boston and now Connecticut. After the merger, the combined firm will have 125 associates.