Sax LLP, in an effort to expand its consumer products practice, announced Thursday that it has acquired New York City-based tax and accounting firm KMR LLP.
Sax, a Top 100 accounting, tax and advisory firm, is based in Parsippany.
The deal, effective Nov. 30, is the third merger Sax has successfully completed in the last four months to bolster the firm’s New York presence.
As a result of these recent partnerships, Sax added five partners and 26 employees to its New York team. Sax is now a 50-partner-led firm with 278 total employees. The firm has three offices between New York and New Jersey, one international office located in Mumbai, India, and has a remote team that spans 15 states and two countries.
“Sax is continuing to identify strategic partners in our field to accelerate growth through meaningful acquisitions,” CEO and Managing Partner Joseph Damiano said. “Just as important as expanding our size and reach is finding the right fit that will complement our existing team, culture and service philosophies.
“KMR LLP does just that, and their high-quality professionals and capabilities will further strengthen us moving forward.”
KMR has provided financial guidance to individuals and businesses for close to two decades. The firm specializes in high-touch tax and audit services and is a top firm serving middle-market entrepreneurs.
Sax will expand and enhance its consumer products practice through KMR’s extensive business, proficiency and longtime relationships within the diamond and jewelry industry, where it has a solid reputation and global presence.
KMR Managing Partner Steven Merdinger said his group was eager to join with Sax.
“We are very excited to join forces with Sax LLP, and to further strengthen our team, capabilities and expertise,” he said. “Sax is a great fit for us.
“We searched extensively for the right partner to bring our existing client base to, and both our firms believe that exceptional client service and deep expertise are our bedrock that allows us to outperform our competition. We are already witnessing a lot of positive momentum from our partnership, and I look forward to where that will take us.”
The merger between Sax and KMR was brokered by Bill Carlino, managing director of National Consulting Services for Whitman Transition Advisors LLC. The newly combined firm under the Sax banner will offer a robust portfolio of consulting services for businesses and high net worth individuals.