The Cranford public accounting firm Fazio, Mannuzza, Roche, Tankel, LaPilusa will merge on Jan. 1 into New York-based O'Connor Davies, which has an office in Paramus, the two firms announced today.
The combined firm will have 500 employees, combined revenue of $100 million and 80 partners in seven offices in New Jersey, New York and Connecticut.
The deal is a merger, not a financial transaction.
The combined firm will operate under the O'Connor Davies name and significantly increase its presence in New Jersey, according to Brian Flynn, O'Connor Davies' lead New Jersey partner. He said FMRTL has 40 professionals and a total of 50 people in Cranford, and annual revenues of about $10 million.
In New Jersey, O'Connor Davies currently has about $6 million in annual revenue and 23 people in Paramus, including 19 accountants. He said the combined firm will have between $16 million and $17 million in New Jersey revenue.
Flynn said FMRTL has a sports and entertainment practice that will be a new niche for the firm, and "their trust and estate expertise will be extremely important to us, especially in New Jersey."
Joseph Fazio, managing director of FMRTL, said the company is "pleased to have found a partner who shares the same values and commitment to delivering excellent client service."
Flynn said the two firms have gotten to know one another, and "we are very similar, and the combination of the two firms' expertise will enable us to grow significantly in the New Jersey market and improve the entire firm."
The firms said their merger further establishes a major New Jersey, Northeast and Mid-Atlantic regional accounting and consulting firm, and enhances O'Connor Davies' industry expertise in the areas of commercial businesses, trusts and estates, and sports and entertainment.
Kevin J. Keane, managing partner of O'Connor Davies, said, "We are excited about joining practices with FMRTL and expanding our footprint in New Jersey. … The combined strength of the two firms will result in a more robust team of experienced professionals who are focused on providing industry-specific expertise and serving clients' needs."
Combined, the new O'Connor Davies will have industry expertise in sectors key to the New Jersey and regional marketplace, executives said, including commercial businesses, manufacturing and distribution, real estate, not-for-profit organizations, financial services, high-net-worth individuals and family offices, and sports and entertainment.