Parsippany-based SAX LLP, a top 100 national accounting, tax and advisory firm, certainly was pleased to announce its acquisition of Florham Park-based Maddaloni, Nydick & Keenan last week.
The firm said the move enhances its capabilities, deepens its client service offerings and furthers its mission of providing expert guidance to business owners, entrepreneurs and high-net-worth individuals.
The acquisition is effective Nov. 15 – and it comes with a question: Will this be the first of many moves.
The MNK acquisition marks the first transaction completed by SAX following its recent minority investment from Cobepa, an independent investment company with offices in Brussels and New York.
The firm said the milestone underscores SAX’s strategic growth trajectory fueled by the Cobepa partnership, which is accelerating expansion across the East Coast, enhancing service capabilities, and fostering innovation while the firm remains proudly independent.
As a result of this integration, SAX now comprises 70 partners and 363 total employees, with a presence across five offices in New Jersey, New York, and Mumbai, India, and a remote workforce spanning 25 U.S. states.
“This acquisition represents a meeting of shared values – client dedication, integrity, and excellence,” SAX CEO Joseph Damiano said. “We are thrilled to welcome MNK into the SAX family. Their longstanding commitment to client success and internal growth is a natural complement to our vision as we continue to expand our footprint and capabilities.
“It’s also especially exciting to mark our first post-Cobepa transaction with a firm whose culture and approach align so perfectly with ours.”
With offices in Parsippany, Ewing, Morganville, New York City and Mumbai, India, SAX offers specialized expertise that benefits clients across its largest vertical markets.
The firm’s advisory services extend beyond traditional accounting and tax offerings, encompassing wealth management, cybersecurity and managed IT, investment banking, transaction advisory, HR consulting, valuation and forensic and litigation.
Steve Nydick, managing partner of MNK, said the transaction makes sense on many levels.
“For more than 35 years, we’ve taken pride in growing with our clients, fostering a team of professionals who care deeply about the work they do and the people they serve,” he said. “Joining SAX allows us to enhance that mission with greater resources and reach, while maintaining the core values that have defined MNK since its founding.”
Founded in 1989, MNK has earned a strong reputation for its client-first approach and internal growth, driven largely by referrals and a steadfast commitment to staff development. Over the past several decades, MNK has consistently expanded alongside its clients’ success, attracting top-tier talent and maintaining an unwavering focus on quality service.
MNK Managing Partner Michael Maddaloni said that won’t change.
“Our partnership with SAX represents an exciting new chapter for our firm, our clients and our people,” he said. “Together, we can provide an even broader range of services and opportunities, while preserving the personal relationships and trust that have been the cornerstone of MNK for more than three decades.”
