Bonadio Expands Advisory Business With Credit-Risk Consulting Deal

The Bonadio Group is strengthening its financial-services advisory capabilities through the planned acquisition of T. Gschwender & Associates (TGA), a specialized credit-risk consulting firm serving financial institutions. The transaction reflects the broader trend of professional-services firms expanding their capabilities through targeted acquisitions of specialist consultancies.

TGA, based in Syracuse, New York, brings more than four decades of experience in credit-risk management and advisory services. Its work includes loan and appraisal reviews, pre-funding due diligence, problem-loan management and other services designed to help financial institutions identify and manage credit-related risks.

Under the transaction, TGA will become part of The Bonadio Group’s Internal Audit Business Unit within its Advisory & Consulting Service Line. The deal is expected to close on August 16, 2026, subject to customary closing conditions. Financial terms were not disclosed.

Bruce Zicari, CEO and Managing Partner of The Bonadio Group, said the firm's focus remains on building strategic capabilities that deliver greater value to clients.

“As the professional services landscape continues to evolve through consolidation, we’re focused on strategic partnerships that deepen our expertise and create greater value for our clients.”

The acquisition also expands Bonadio’s ability to support banks and other financial institutions facing increasingly complex regulatory, lending and risk-management requirements. By combining TGA’s specialized credit expertise with Bonadio’s broader advisory platform, clients are expected to gain access to a wider range of professional services.

Bo Singh, President and CEO of T. Gschwender & Associates, highlighted the firm's long-standing commitment to helping financial institutions strengthen their credit-risk practices.

“We’ve always been committed to helping financial institutions strengthen their credit risk management practices by providing independent assessments and actionable guidance.”

The acquisition is Bonadio’s first M&A transaction of 2026 and illustrates how consulting and professional-services firms are increasingly using M&A to add specialized expertise rather than relying solely on organic expansion.

For the consulting sector, the transaction underscores the growing importance of niche capabilities in areas such as credit risk, regulatory compliance, internal audit and financial-institution advisory. As financial institutions navigate changing economic and regulatory conditions, demand for specialized consulting expertise is likely to remain an important growth opportunity for advisory firms.