Hartford Business Journal

20 HARTFORDBUSINESS.COM | FEBRUARY 10, 2025 FOCUS | Accounting Sarah Belliveau is the CEO of Portland, Maine-based accounting firm BerryDunn, which has expanded its Connecticut presence with the recent acquisition of East Haven's Burzenski & Co. CONTRIBUTED PHOTO Growth Strategy Here's why Maine-based BerryDunn purchased a CT accounting firm BerryDunn, meanwhile, was attracted to Burzenski's national reputation and more than 150 clients in the veterinary practice market, a niche in which BerryDunn was looking to gain a foothold. "So, it made a lot of sense for us to just expand our reach in that market through the Burzenski acquisition," Belliveau said. "They also have a very robust construction practice that fits very nicely with ours." The firm also was drawn to Burzenski's strong track record in outsourced accounting — one of BerryDunn's fastest-growing prac- tices — which provides businesses with back-office services ranging from bookkeeping and sending invoices to more complex tasks like managing payroll. Over the past three years, Berry- Dunn's outsourced accounting services have grown by more than 175%, according to the company. The merger "felt like the right way for us to really launch that (outsourced accounting) team and provide a great growth opportunity," Belliveau said. BerryDunn's approach to acquisi- tions has typically been less about geography and more about the business's culture and what it brings to the table, Belliveau said. But she By Natalie Missakian HBJ Contributor M erger activity remained hot in Connecticut's accounting industry last year, as smaller firms looked to combine resources with larger outfits that can bring new leadership, talent and technology. In early December, East Haven- based accounting firm Burzenski & Co. became the latest Connecticut firm to ride the consolidation wave, when it joined forces with Portland, Maine- based BerryDunn, New England's largest accounting firm by revenue, according to Accounting Today. Terms of the deal were not disclosed. The move adds to BerryDunn's growing geographic footprint in New England, which has expanded southward over the last decade with the firm's acquisition of Glastonbury-based Compass Health in 2017; Massachusetts-based Rodman & Rodman CPAs in 2019; and West Hartford-based Vantage- Point Healthcare Advisors in 2021. The deal with Burzenski, finalized Dec. 1, gives BerryDunn an addi- tional 35 employees and a second location in Connecticut. Burzenski continues to operate from its East Haven office under the BerryDunn name. BerryDunn also has an office in Glastonbury. "We're very excited about the opportunity this brings to expand our reach in southern New England," BerryDunn CEO Sarah Belliveau told Hartford Business Journal in an interview. 'Growth opportunity' Founded in 1974, BerryDunn provides assurance, tax and consulting services to businesses, nonprofits and government agen- cies, and specializes in the health- care, government, education and commercial sectors. The firm has nearly 1,000 employees and offices in seven states and Puerto Rico. It reported revenues of more than $167 million in 2023. Burzenski & Co., founded in 1983, first approached BerryDunn about a possible merger through a third party a few years ago, Belliveau said. She said the firm was attracted to Berry- Dunn's culture and its "investment in people, technology, and learning and development."

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