Top 70 accounting firm Sax said Thursday it will acquire Florham Park, NJ-based CPA firm Maddaloni, Nydick & Keenan in a deal expected to close on Nov. 15.
Financial terms of the deal weren’t disclosed. Once the acquisition is finalized, Parsippany, NJ-based Sax will have 70 partners and 363 total employees, with a presence across five offices in New Jersey, New York, and Mumbai, India, and a remote workforce spanning 25 U.S. states.
This is the first M&A deal Sax has made since receiving a minority investment from Cobepa, a global private equity firm with offices in Brussels and New York, last month.
“This milestone underscores Sax’s strategic growth trajectory fueled by the Cobepa partnership, which is accelerating expansion across the East Coast, enhancing service capabilities, and fostering innovation while the firm remains proudly independent,” the accounting firm said in an Aug. 14 media release.
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“This acquisition represents a meeting of shared values—client dedication, integrity, and excellence,” Sax CEO Joseph Damiano said about the deal with MNK. “We are thrilled to welcome MNK into the Sax family. Their longstanding commitment to client success and internal growth is a natural complement to our vision as we continue to expand our footprint and capabilities. It’s also especially exciting to mark our first post-Cobepa transaction with a firm whose culture and approach align so perfectly with ours.”
Founded in 1989 by Mike Maddaloni and Steve Nydick, MNK has earned a strong reputation for its client-first approach and internal growth, driven largely by referrals and a steadfast commitment to staff development, Sax said.
“For more than 35 years, we’ve taken pride in growing with our clients, fostering a team of professionals who care deeply about the work they do and the people they serve,” said Nydick, managing partner of MNK. “Joining Sax allows us to enhance that mission with greater resources and reach while maintaining the core values that have defined MNK since its founding.”
Maddaloni, also a managing partner at MNK, added, “Our partnership with Sax represents an exciting new chapter for our firm, our clients, and our people. Together, we can provide an even broader range of services and opportunities while preserving the personal relationships and trust that have been the cornerstone of MNK for more than three decades.”
Sax’s last M&A deal before receiving private equity funding was in June when it acquired Sewald & Anastasia CPAs, a full-service tax and accounting firm based in Morganville, NJ.
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