Baker Tilly Strengthens Northeast Presence with CironeFriedberg Acquisition

Chicago-based Baker Tilly, the 10th-largest CPA firm in the U.S., has announced its acquisition of Connecticut-based CPA and advisory firm CironeFriedberg. This strategic move marks Baker Tilly's first entry into the Connecticut market and strengthens its presence in the Northeast, bridging connections between New York and Boston. The acquisition aligns with the ongoing trend of consolidation in the accounting industry, driven by a shrinking labor pool and the need for technological investment to remain competitive. The financial terms of the deal were not disclosed. CironeFriedberg, based in Bethel with offices in Shelton and Darien, provides services to middle-market businesses, high-net-worth individuals, and not-for-profits in Connecticut and New York. Baker Tilly's expansion strategy is part of a broader cycle of transition within the accounting industry, where recent notable mergers and acquisitions have included Maine-based BerryDunn acquiring East Haven's Burzenski & Co, and Marcum LLP's acquisition of Federman, Lally & Remis, followed by its own purchase by CBIZ Inc in a $2.3 billion deal. The rise in M&A activity has been significant, with over 70 deals reported in the first half of the previous year, and peaking with 160 deals in 2023 post-pandemic. These moves mirror a nationwide trend of consolidation as smaller firms partner with larger entities for enhanced resources.