Bonadio to merge in Cover & Rossiter

The Bonadio Group, a Top 50 Firm national firm, is expanding in the mid-Atlantic region by adding Cover & Rossiter, a firm based in Wilmington, Delaware, effective Dec. 1, 2024.

C&R was founded in 1939 and offers tax, assurance, estate trust and accounting services. It provides specialized expertise in advising on tax law, audit standards, and complex estate and trust documents. Its main clients include businesses, nonprofits, families and individuals. 

"C&R's longstanding and highly awarded reputation, location, and the expertise of its talented team make this merger an exciting expansion of both our capabilities and footprint," said Bonadio Group CEO and managing partner Bruce Zicari in a statement. "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 our culture."

Zicari recently discussed his M&A strategy with Accounting Today and said two mergers would be coming this year, including one in the mid-Atlantic region in a new territory for the firm.

As a result of the deal, the Bonadio Group will welcome six C&R leaders to the team, including two directors, three principal executives, and managing director Marie Holliday, in addition to over 20 new team members.

The Bonadio Group currently has 110 partners and approximately 1,000 staff members. Robert Fligel of RF Resources, LLC, a provider of M&A advisory services, acted as advisor in this transaction.

Financial terms of the deal were not disclosed. It's expected to close on Dec. 1, at which time C&R will become part of Bonadio & Co. and operate under the Bonadio brand. The Bonadio Group ranked No. 41 on Accounting Today's 2024 list of the Top 100 Firms. It earned $185 million in annual revenue this year, while C&R earned $5.5 million in annual revenue. 

"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 Holliday in a statement. "We look forward to leveraging the technology, expertise, and training opportunities that come with being a part of a large firm with a national reach, allowing us to build on the success of C&R's 85 years of excellence."

Last year, Bonadio added Howard LLP, a firm based in Dallas and Webber CPA, a forensic accounting and financial consulting firm in Rochester, New York. In 2021, Bonadio merged in Ganer + Ganer, a firm in New York City.