NEW HARTFORD — 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–Rome region. 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 […]
NEW HARTFORD — 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–Rome region.
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, including offices in Syracuse, Geneva, and now the Mohawk Valley region. 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–area office, located at 7936 Seneca Turnpike in the town of New Hartford.
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.”
The Bonadio Group provides a broader range of services, Zweifel notes. Their offerings include new areas of expertise for Zweifel’s clients like payroll, risk management, and financial planning, he says.
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.”
Zweifel’s firm provides accounting, auditing, tax, and advisory services. In addition to health-care organizations and nonprofit groups, clients include small and medium-sized businesses, estates and trusts, and local governments.
Before the acquisition, Zweifel says he withdrew from his old firm, Gruver, Zweifel & Scott, which included the New Hartford office involved in the Bonadio deal and another location in Oneonta. The Oneonta office is not included in the acquisition and will continue independently.
Zweifel joined the Bonadio Group as an independent partner and brought the Utica–area work force with him, Bonadio explains. The deal adds nine new employees and about $1 million in annual revenue to the Bonadio Group.
The New Hartford office could already be in need of expansion, Bonadio says. The Bonadio Group currently has employees living in the Utica–Rome region who commute to either Albany or Syracuse.
They may now work locally, Bonadio says. The firm will probably also begin more hiring in the market.
Consolidation among accounting firms locally and nationally is likely to continue, Bonadio adds. Many smaller firms have aging partners without good exit plans, he notes.
“And it’s hard to compete,” he says. “They can’t find good people. They can’t work on larger companies because they don’t have enough depth. They’re looking to merge up.”
The Bonadio Group has more than 350 employees statewide and annual revenue 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.
Contact Tampone at
ktampone@cnybj.com