Marcum merges in Castellano, Korenberg
Marcum LLP, a Top 20 Firm based in New York, has added Castellano, Korenberg & Company, a firm in Hicksville, New York, effective Aug. 1, bolstering Marcum’s construction industry practice and its presence on Long Island.
The deal adds six partners and 27 associates to Marcum’s Melville, Long Island, office. Financial terms were not disclosed. Marcum ranked 16th on Accounting Today’s 2020 list of the Top 100 Firms, with $625.34 million in annual revenue. Marcum has 300 partners and 2,500 associates.
As part of the deal, CK managing partner Daniel Castellano and Neal Korenberg are both joining Marcum as partners. Castellano will also become Long Island leader for Marcum’s national Construction Services group.
“Dan Castellano and Neal Korenberg built a very successful specialty firm that was recognized and respected throughout the Long Island region,” said Marcum chairman and CEO Jeffrey Weiner (pictured) in a statement Monday. “They and their team will be tremendous assets in our national construction industry practice while further strengthening our position as Long Island’s largest accounting and advisory services firm. I have known both of them almost my entire professional career and am proud at this point to be able to be their partner.”
Castellano, Korenberg dates back to 1991 and specializes in accounting and advisory services for the construction industry. It offers auditing, tax planning, tax compliance and consulting services to general and specialized contractors. The firm also has clients in related industries such as transportation, communication, manufacturing/distribution, and real estate.
“The opportunity to join Marcum gives us critical mass, additional expertise in our keystone industry, and access to a national service portfolio that will significantly expand how we serve our clients,” Castellano said in a statement. “This is a great step for our clients as well as our professionals, and we are tremendously excited about the future as a part of Marcum.”
This Marcum’s first major M&A deal this year, but the firm did a string of M&A deals last year, including last December with Top 100 Firm Skoda Minotti in Cleveland, Ohio. Last November, Marcum merged in CPA Consulting Group, a firm based in Nashville. In August, Marcum expanded in South Florida by merging in OGH Certified Public Accountants & Advisors, a firm based in Miami. In July, it added Abrix Group, based in the Chicago suburb of Northbrook, Illinois. In March of last year, Marcum merged in Guyder Hurley, a firm headquartered in Braintree, Massachusetts, that specializes in servicing clients in the affordable housing industry. Last January, Marcum added Dawson, Smith, Purvis & Bassett, a firm based in Portland, Maine.