Bonadio & Co. to Acquire Vermont Company

Pittsford, N.Y.-based Bonadio Group (FY12 net revenue of $47.53 million) will acquire a bank internal auditing business in Vermont, the Rochester Business Journal reported.

The Independent Audit Associates office in Rutland, Vt., will become the first Bonadio location outside of New York. Bonadio plans to create a new internal audit team, with a practice projected to have annual billings of $1.2 million. Independent Audit Associates employs six people. The acquisition gives Bonadio 14 additional banking clients.

“As our client base continues to expand beyond the borders of New York state, we were actively pursuing opportunities that would allow us to physically meet our clients’ demands, and have done so with our first office location in New England,” CEO and Managing Partner Thomas Bonadio said in a statement. The Vermont acquisition is the second for Bonadio Group in six months. The firm acquired Richard Zweifel’s CPA team last fall, opening its first office in Utica, N.Y.