Parsippany, N.J.-based IPA 100 firm SAX (FY24 net revenue of $110.89 million) has announced its acquisition of Owen J. Flanagan & Co. (OJF), effective January 22. The transaction strengthens SAX’s attest, tax, consulting and advisory capabilities while maintaining the personalized client service that has defined OJF for nearly five decades.
Founded in 1977, OJF has built a reputation for its expertise in auditing and accounting services for tax-exempt organizations, including private foundations and public charities, as well as for-profit businesses, high-net-worth individuals, estates and trusts. The combination expands service offerings and resources for clients while creating additional opportunities for professional staff.
“This acquisition reflects our commitment to growth while staying true to our values of respect, integrity, commitment, excellence, and stewardship,” said Joseph Damiano, CEO of SAX. “Owen J. Flanagan & Co. has built an outstanding legacy of trust and excellence over nearly 50 years, and their culture aligns seamlessly with ours. We’re thrilled to welcome their team into the SAX family.”
John Corcoran, partner of OJF, said, “Since 1977, our mission has been to provide the highest level of service with personal attention and care. Partnering with SAX ensures that our clients will benefit from expanded resources and expertise, while continuing to receive the same trusted guidance from the people who know them best.”
Kevin Sunkel, partner of OJF, added, “This is an exciting new chapter for our firm, our clients, and our team. By joining with SAX, we are preserving the close-knit relationships and continuity our clients value, while enhancing our ability to serve their evolving needs well into the future.”
Joe Tarasco of Accountants Advisory Group advised both parties on the transaction.
The acquisition is SAX’s second of the year and its fourth transaction since receiving a minority investment from Cobepa, an independent investment company. Following the transaction, SAX now has 73 partners and 432 team members, with offices in New Jersey, New York and Mumbai, India, supported by a remote workforce across 27 U.S. states.
