UTICA — The Bonadio Group is adding to its Central New York presence once again, this time with the acquisition of an accounting firm in the Utica area.
Bonadio, an accounting firm based in Rochester, acquired Richard Zweifel’s Utica–area accounting practice effective Nov. 1. The move increases Bonadio’s headcount in Central New York to more than 60 people at offices in Syracuse, Geneva, Perry, and the Utica area. The firm has additional offices in Buffalo, Albany, and New York City.
Bonadio approached Zweifel about an acquisition. The firm was not out looking for a deal, says Zweifel, who joins Bonadio as managing partner for the Utica office, located at 7936 Seneca Turnpike in Clinton.
Zweifel says he and Bonadio worked together on joint projects in the past.
“Our clients here certainly mesh well with Bonadio,” he says. “We knew they were a quality firm. When they approached us, we knew it was something we needed to consider.”
For Bonadio, the acquisition brings strong practices in health care and nonprofits, two areas that make up a sizeable chunk of the firm’s work, Bonadio Group Managing Partner and CEO Tom Bonadio says.
“We see it as another step forward for us in Central New York,” he says. “In Central New York, you have to have people who live in the community and know the community.”
The deal adds nine new employees and about $1 million in revenue, he adds.
The Bonadio Group has more than 350 employees statewide and annual revenues of more than $50 million. The firm first entered the Syracuse market in 2007 with the acquisition of Loguidice & Kamide, CPAs PLLC.
It acquired the Syracuse operations of Philadelphia–based ParenteBeard in 2011, which added 21 employees and four new partners.
For more on this story, see Friday’s issue of The Central New York Business Journal.
Contact Tampone at ktampone@cnybj.com