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The Bonadio Group Expands to Mid-Atlantic Region with Cover & Rossiter Merger
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Subscribe31 OCT 2024 / M&A UPDATES
Rochester-based accounting company The Bonadio Group is set to merge with Delaware-based CPA advisory firm, Cover & Rossiter (C&R), expanding the former's operations into the Mid-Atlantic region. Slated to close on December 1, 2024, the merger is aligned with The Bonadio Group's growth strategy, leveraging C&R's expertise in tax law and audit standards to broaden its assurance and advisory services while solidifying its market footprint.
The Bonadio Group, a firm based in Rochester, N.Y., is set to expand into the Mid-Atlantic region through a merger with Wilmington, Del.-based CPA advisory firm Cover & Rossiter (C&R). The merger, expected to close on December 1, 2024, will integrate all C&R employees into The Bonadio Group, with the Delaware-based firm operating under The Bonadio Group brand.
Strategic Growth into a Robust Market:
This merger marks The Bonadio Group’s entry into the Mid-Atlantic region, driven by its strategic vision to grow in a thriving business environment. C&R’s 85-year legacy of providing tax, assurance, and estate services makes it an ideal partner to enhance The Bonadio Group’s capabilities in this new market.
“The longstanding and highly awarded reputation of C&R, combined with the expertise of its talented team, makes this merger an exciting step in expanding both our capabilities and footprint,” said Bruce Zicari, CEO and Managing Partner of The Bonadio Group.
Complementary Expertise:
Founded in 1939, C&R is recognized for its specialized services in tax law, audit standards, and complex estate and trust documents, serving a diverse client base of businesses, nonprofits, families, and individuals. These capabilities will complement The Bonadio Group’s broader assurance and advisory services, focused on maximizing financial results and minimizing risk for clients.
Leadership and Team Integration:
As part of the merger, The Bonadio Group will welcome over 20 new team members and six senior leaders from C&R, including two directors, three principal executives, and Managing Director Marie Holliday.
“Merging with The Bonadio Group provides our firm with even more resources and depth of knowledge to continuously enhance the way we serve our clients and support our employees,” said Marie Holliday. “Joining a nationally recognized firm like The Bonadio Group allows us to leverage advanced technology, expertise, and training opportunities to build on C&R’s longstanding success.”
Impact and Industry Significance:
This merger is a key milestone for The Bonadio Group, strengthening its presence in the Mid-Atlantic region and positioning it for further growth. Zicari expressed optimism about the collaboration:
“We look forward to introducing our specialized services to the Mid-Atlantic region, and we expect the addition of the C&R team to enhance not only our client service offerings but also our culture.”
Advisors and Closing Details:
The transaction was facilitated by Robert Fligel of RF Resources, LLC, a leading provider of M&A advisory services. The merger is set to close following standard conditions on December 1, 2024.
Until next time…
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