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February 11, 2025

Major global accounting firm to enter CT market with local acquisition

CironeFriedberg's Bethel headquarters.
By Harriet Jones

Global accounting firm Baker Tilly has announced it will acquire Connecticut-based CPA and advisory firm CironeFriedberg.

The firm says the move strengthens Baker Tilly’s presence in the Northeast, creating connections between New York and Boston. It marks their first foray into Connecticut, and is in line with a major merger and acquisition trend within the accounting industry that has impacted the state.

Other recent deals have included Maine-based BerryDunn, New England’s largest accounting firm by revenue, acquiring East Haven-based Burzenski & Co. in early December. 

The terms of the Baker Tilly deal were not made public.

According to Inside Public Accounting, Chicago-based Baker Tilly is the 10th-largest CPA firm in the U.S.

CironeFriedberg is based in Bethel, with offices in Shelton and Darien. It serves middle-market businesses, high-net-worth individuals, and not-for-profits in Connecticut and New York. 

“The expanded reach and additional resources will allow us to provide even greater value and innovative solutions,” said Tony Cirone, managing partner of CironeFriedberg.

“Expanding in the Northeast is a critical step in our long-term growth strategy,” said Fred Massanova, Baker Tilly’s chief growth officer and managing principal for the Eastern U.S. “CironeFriedberg brings a wealth of experience and industry expertise, further solidifying our commitment to this market.” 

Nationwide, the accounting industry is in a “cycle of transition” as firms struggle with a shrinking labor pool and the need to invest in new technology, such as artificial intelligence, to remain competitive, Belliveau noted. Those challenges continue to fuel consolidation, as smaller firms look to larger players to gain access to additional resources.

According to an August 2024 report by Boston-based investment banking firm Capstone Partners, there were 70 merger-and-acquisition deals in the accounting services industry through the first half of last year. Activity in the sector peaked post-pandemic in 2023 with 160 deals.

The national trend is playing out in Connecticut, with several accounting firms announcing M&A plans over the last few years.

Last year, national accounting firm Marcum LLP acquired Farmington-based Federman, Lally & Remis. Months later, Marcum itself was acquired in a $2.3 billion deal with financial services advisory giant CBIZ Inc.

Other recent deals include the merger of Glastonbury firms Giamalis and Co. and MahoneySabol, as well as the 2023 link-up between CPA firm Fiondella, Milone and LaSaracina LLP, based in Glastonbury, and Bregman & Co., which has offices in Stamford and Avon.
 

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