Cherry Bekaert, Aprio, Platform, PP&Co Expand through M&A Activities in Accounting Sector
Cherry Bekaert, a Top 25 accounting firm based in Raleigh, North Carolina, is making moves to expand its reach by acquiring Katz Nannis + Solomon, a Boston-based firm known for providing top-notch accounting, audit, tax, and advisory services. Founded in 1998, Katz Nannis + Solomon caters to clients in various sectors, such as technology, life sciences, financial services, venture capital, and consumer goods.
The acquisition of Katz Nannis + Solomon marks Cherry Bekaert’s entry into the Northeast region, adding to its existing presence in the Mid-Atlantic and Central regions. Michelle Thompson, the CEO of Cherry Bekaert Advisory, expressed excitement about the opportunity to grow their business in the Northeast through this partnership. The firm aims to provide enhanced, digitally-driven, industry-aligned solutions to their clients in the region.
Operating in an alternative practice structure since receiving private equity funding in 2022, Cherry Bekaert completed the acquisition through two transactions: Cherry Bekaert Advisors LLC acquired Katz Nannis + Solomon’s nonattest assets, while Cherry Bekaert LLP acquired the attest assets. Jeffrey Solomon, managing partner of Katz Nannis + Solomon, shared his enthusiasm about the collaboration, emphasizing the shared vision of exceptional service and innovative solutions.
The financial terms of the deal were not disclosed, but Cherry Bekaert’s recent strategic moves reflect a pattern of growth and expansion. Ranked No. 21 on Accounting Today’s 2024 list of the Top 100 Firms, with $585 million in annual revenue, Cherry Bekaert has been actively pursuing mergers and acquisitions to strengthen its market presence. Earlier this year, the firm merged in DeBlanc, Murphy & Murphy and acquired Microsoft reseller ArcherPoint, among other strategic moves.
In a similar vein, Aprio, a Top 50 accounting firm headquartered in Atlanta, recently added Pontiff + Associates and Elite Tax & Accounting, both based in Denver, to its portfolio. These acquisitions come on the heels of Aprio receiving private equity funding in July. Both firms will join Aprio’s Denver office, enhancing the firm’s capabilities in tax planning, preparation, client accounting, and IRS and state tax resolution services.
Richard Kopelman, the CEO of Aprio, expressed excitement about the growth opportunities in the Denver market, emphasizing the shared values and client needs that align with the new additions. Matt Pontiff, managing partner of Pontiff + Associates, highlighted the advantage of a national platform for client support, while Troy Vigil, managing partner of Elite Tax & Accounting, emphasized the career growth opportunities for team members within Aprio.
Aprio’s strategic acquisitions reflect its commitment to growth and expansion. Ranked No. 25 on Accounting Today’s 2024 list of the Top 100 Firms, with over $420 million in annual revenue, Aprio has completed over 20 mergers and acquisitions since 2017, demonstrating a pattern of strategic growth through partnerships.
Lastly, Platform Accounting Group announced a merger with DHS Advisors, formerly known as D.H. Scott & Co., based in Redding, California. With nearly 40 years of operation, DHS Advisors brings a wealth of experience to the table, along with a team comprising two managing partners, three junior partners, and 26 staff members. This strategic move by Platform Accounting Group underscores the firm’s commitment to expanding its service offerings and market presence.
