By Jason Bramwell
Cranford, New Jersey–based CPA firm Fazio, Mannuzza, Roche, Tankel, LaPilusa, LLC (FMRTL) will merge with New York-based full-service CPA firm O'Connor Davies, LLP effective January 1, 2014.
The combined firm, which will operate under the O'Connor Davies name, will expand O'Connor Davies' presence in New Jersey as well as in the Northeast and Mid-Atlantic regions. As a result of the merger, O'Connor Davies will employ approximately 500 people and eighty partners in seven offices across New Jersey, New York, and Connecticut.
"All employees will remain with the firm; there has not been nor will there be any downsizing", O'Connor Davies Managing Partner Kevin Keane told AccountingWEB. "On the contrary, we plan to continue our growth initiatives and retain more professional staff."
"[Both firms are] staff-centric and focused on career development, as well as giving back to the communities in which we work and live", Brian Flynn, New Jersey lead partner for O'Connor Davies, added in a written statement.
Keane said FMRTL enhances O'Connor Davies' expertise in such areas as commercial business, trusts and estates, and professional athletics and entertainment. FMRTL's Sports and Entertainment Group provides accounting services for high-net-worth individuals, and its clients include broadcasters, television producers, and sports executives as well as professionals in the music, film, and modeling industries.
"By merging with O'Connor Davies, FMRTL gains expertise in several specialty practice areas, including consulting services, financial services, health care, government, and employee benefit services", Keane noted. "In addition, O'Connor Davies is a member of PKF International, a network of legally independent member firms that provide accounting and business advisory services in 440 locations in over 125 countries around the world."
Both firms share the same approach to client service, practice management, and dedication to developing enduring relationships.
"We have always been proud of our 'white glove' client service, and we are pleased to have found a partner who shares the same values and commitment to delivering excellent client service", FMRTL Managing Director Joseph Fazio said in a written statement. Fazio will become a partner at O'Connor Davies and serve on the firm's executive committee. "Merging practices with O'Connor Davies develops many opportunities for our clients: They will benefit from the expanded service offerings, collective depth of talent, and industry expertise as well as the global resources available through PKF International."
Workflow consolidation due to the merger will not be an issue for O'Connor Davies, according to Keane. "Approximately 90 percent of the two firms' software is the same", he said.
Keane added that O'Connor Davies is always looking at additional avenues for growth. "Currently, the firm is speaking with other firms and evaluating potential opportunities", he said. "The firm will also continue its organic growth plans and is proud of an average annual organic growth rate of 10 to 12 percent per year for the past seven years."