Sax acquires Owen J. Flanagan & Co.

Sax, a Top 75 Firm based in Parsippany, New Jersey, has acquired Owen J. Flanagan & Co., an audit and accounting firm in New York, effective Jan. 22. 

The deal bolsters Sax's attest, tax, consulting and advisory services and is the latest in a series of acquisitions since Sax received private equity funding last year from Cobepa.

Owen J. Flanagan & Co. dates back to 1977 and specializes in auditing and accounting services for clients ranging from tax-exempt organizations such as private foundations and public charities to for-profit businesses, high-net-worth individuals, estates and trusts. 

"This acquisition reflects our commitment to growth while staying true to our values of respect, integrity, commitment, excellence, and stewardship," said Sax CEO Joseph Damiano in a statement Thursday. "Owen J. Flanagan & Co. has built an outstanding legacy of trust and excellence over nearly 50 years, and their culture aligns seamlessly with ours. We're thrilled to welcome their team into the Sax family."

Financial terms of the deal were not disclosed. Sax ranked No. 66 on Accounting Today's 2025 list of the Top 100 Firms, with $109 million in annual revenue. 

This marks Sax's second acquisition of the year after it acquired Scheidel, Sullivan & Lanni CPA LLC, based in Ramsey, New Jersey, while its subsidiary, Sax Wealth Advisors, acquired the affiliated Sierra Financial Advisors LLC. Other recent deals include the acquisition of Maddaloni, Nydick & Keenan in Florham Park, New Jersey, and SCL Consulting in Columbia, Maryland. Sax also acquired Sewald & Anastasia in Parsippany, New Jersey, last year prior to taking PE funding.

The latest deal brings the firm to 73 partners, 432 total employees, and over $4.6 billion in assets under management, with a footprint across five offices in New Jersey, New York, and Mumbai, India, along with a remote workforce spanning 27 U.S. states. It's the fourth transaction since Sax's minority investment from Cobepa. Joe Tarasco of Accountants Advisory Group advised both Sax and OJF on the deal.

"Since 1977, our mission has been to provide the highest level of service with personal attention and care," said OJF partner John Corcoran in a statement. "Partnering with SAX ensures that our clients will benefit from expanded resources and expertise, while continuing to receive the same trusted guidance from the people who know them best."

"This is an exciting new chapter for our firm, our clients and our team," stated OJF partner Kevin Sunkel. "By joining with Sax, we are preserving the close-knit relationships and continuity our clients value, while enhancing our ability to serve their evolving needs well into the future."