Marcum LLP has expanded its New England practice by merging Connecticut accounting, tax and consulting firm Konowitz, Kahn & Company into its offices.
As part of the deal, all seven partners and 30 employees at North Haven-based Konowitz Kahn will be working out of Marcum’s New Haven office. The merger took effect on February 1.
Marcum dates back to 1951 and has more than 150 partners and 1,100 professionals on staff in New York, New Jersey, Masssachusetts, Pennsylvania, Florida, California, the Cayman Islands and China.
Konowitz Kahn started in 1936 as a sole proprietorship, and now provides accounting, audit, tax services, and management consulting services to clients in the middle market. The firm focuses on closely held mid-market businesses in various industries, along with a family office practice.
“We knew them from the marketplace and they’ve always been a friendly competitor of ours in New England, and they were one of the firms we had targeted to potentially do something with,” said Marcum LLP managing partner Jeffrey M. Weiner.
Financial terms of the transaction were not disclosed. The two firms’ partners decided to combine forces after growing familiar with each other’s firms over the years.
“Having done business in each other’s backyards for 30 years, I’ve known of the high-quality work performed by the partners at Konowitz Kahn for a long time,” said Anthony P. Scillia, partner-in-charge of Marcum’s New England region, in a statement. He noted that Konowitz Kahn’s complementary services would increase Marcum’s ability to service the New England marketplace.
Konowitz Kahn managing partner Armand E. Rossi said Marcum would provide the resources his firm needed to enable it to meet the growing needs of clients and opportunities to service clients previously beyond its reach.
Weiner indicated Marcum may do more mergers later this year. “We’re always looking at opportunities,” he said.
