What's Happening?
Cohen & Co., a top 100 accounting firm, has acquired Gioffre & Co., an Armonk, New York-based accounting firm. Founded by Anthony Gioffre, Gioffre & Co. specializes in outsourced accounting, financial reporting, and tax preparation and planning services. The acquisition, effective August 8, 2025, adds five employees and an office to Cohen & Co., which is headquartered in Cleveland and ranked No. 43 on Accounting Today's 2025 list of the Top 100 Firms. Cohen & Co. has 13 offices and nearly 800 employees, with $187.51 million in revenue. The acquisition is part of Cohen & Co.'s strategic growth plan, which included a recent investment from Lovell Minnick Partners, a private equity firm.
AD
Why It's Important?
The acquisition of Gioffre & Co. by Cohen & Co. signifies a strategic expansion in the competitive accounting industry, particularly in New York State. This move enhances Cohen & Co.'s service offerings and strengthens its position in the market by adding specialized expertise in financial reporting and tax services. The acquisition is expected to provide enhanced service opportunities for existing clients and ensure longevity for Gioffre & Co.'s employees. This expansion reflects broader trends in the accounting industry where firms are consolidating to offer more comprehensive services and increase their market share.
What's Next?
Cohen & Co. plans to integrate Gioffre & Co.'s team and services into its existing operations, aiming to deliver tailored solutions to meet the needs of clients and their investors. The firm will continue to focus on strategic growth, potentially exploring further acquisitions to expand its footprint and service capabilities. Stakeholders, including clients and employees, are likely to benefit from the increased resources and expertise available through Cohen & Co.'s expanded network.
Beyond the Headlines
This acquisition highlights the ongoing consolidation trend in the accounting industry, driven by the need for firms to offer a wider range of services and adapt to changing client demands. It also underscores the importance of strategic partnerships and investments in facilitating growth and enhancing competitive advantage.
