Grassi, a Top 100 Firm based in New York, has expanded its footprint in New Jersey by acquiring Gramkow, Carnevale, Seifert & Co., effective March 29.
The deal is adding four partners to Grassi’s leadership team from GCS: Ted Carnevale, who was also appointed co-leader of the New Jersey Market, along with Francis Shovlin, Dino Rizzo and Bob Carpenter. With 25 other staff members from GCS, they will continue to serve clients from their current location in Oradell, New Jersey, before eventually relocating to Grassi’s Park Ridge, New Jersey, office later in the year. Grassi has 353 employees, including 37 partners.
Financial terms of the deal were not disclosed. Grassi ranked 64th on Accounting Today’s 2021 list of the Top 100 Firms, with $77.68 million in annual revenue. Grassi, like other CPA firms, is making more M&A deals as the economy continues to recover from the pandemic and looks to expand their presence. GCS was the largest independent accounting firm in Bergen County, New Jersey, prior to joining Grassi. In addition to expanding Grassi’s count of professionals in the Garden State, the acquisition increases Grassi's service capabilities in some of the market sectors that GCS has also served, including health care, real estate, manufacturing and distribution, professional services and nonprofits.
“For the past 37 years, we have had the privilege of serving the businesses and residents of New Jersey and growing alongside them,” said Ted Carnevale, founder of GCS and a new Grassi partner, in a statement. “As our clients continue to grow and evolve, joining a regional leader like Grassi was a natural choice in our ongoing mission to provide them with the expanded resources and services they need to succeed.”
GCS offers advisory, tax, audit, accounting and payroll services to family-owned and privately held businesses. It also provides estate planning, concierge services and valuation needs for business owners and individual taxpayers.
“Helping businesses grow in New Jersey and throughout the tri-state area has always been a priority for our firm,” said Grassi managing partner Louis Grassi in a statement. “The addition of such an established and reputable New Jersey firm to our team not only deepens the pool of talent and experience we can provide but also demonstrates our unwavering commitment to the state’s business community and vital industries.” New Jersey is one of Grassi’s seven locations. Other offices are in Jericho, Ronkonkoma and White Plains, New York; Needham, Massachusetts; and Palm Beach, Florida.
Last October, Grassi & Co. expanded to the Boston metropolitan area by acquiring
