Parsippany-based accounting and advisory firm Sax LLP has marked a major milestone with a minority investment from global private equity firm Cobepa—an inflection point that signals both growth and continuity as the 70-year-old firm sets its sights on nationwide expansion.
As part of the transaction, Sax will reorganize into two entities: Sax LLP, which will continue delivering attest services as a licensed CPA firm, and Sax Advisory Group, which will house the firm’s fast-growing advisory, tax, technology, and wealth management practices. The structure allows Sax to maintain its operational independence and culture, while positioning it to capitalize on private equity-backed scale.
“This deal isn’t like others in the market,” said Joseph Damiano, CEO of Sax Advisory Group. “Cobepa respects our independence and has empowered us to invest in our people, enhance our client service, and drive strategic growth. It’s a pivotal chapter in our story.”
That story began in 1956, and by 2015, Sax had grown into a $25 million firm. Under Damiano’s leadership and vision, the firm has quintupled its revenue in just nine years, and now projects $130 million for 2025. Sax ranked No. 66 on Accounting Today’s 2025 Top 100 Firms list and is eyeing Top 50 placement—alongside Top 20 status in the Wealth Magnets rankings, with nearly $4 billion in assets under management.
“Our goal is to embrace innovation on behalf of our clients,” said Damiano. “The industry is consolidating rapidly. Many firms are selling outright. We took a different approach—one that protects our autonomy, rewards our team, and gives our next generation of leaders a clear path to ownership.”
The Cobepa investment, managed out of its $5.9 billion fund, comes with a shared vision: to fuel Sax’s continued expansion through strategic acquisitions, particularly along the East Coast, and to advance the firm’s capabilities in technology, client experience, and niche service offerings.
Sax’s recent acquisition of Sewald & Anastasia, based in Morganville NJ, is one of several deals in progress. The firm is currently in discussions with three CPA firms and three wealth management groups—an indication of its ambitious growth roadmap.
In tandem with this evolution, Sax has committed $1 million to its charitable arm, the Sax Charitable Foundation. Sax Charitable Foundation Board Member and Sax Tax Partner, Peter J. Scalise, a leading voice in philanthropic initiatives across the accounting industry, called the announcement “a historic day for Sax” and emphasized the firm’s ongoing commitment to service and community impact.
While financial terms of the deal remain undisclosed, the message from leadership is clear: Sax is building—not selling. And with the support of a strategic minority partner, the firm is doubling down on its vision to lead, grow, and give back.