The Cherry Bekaert office inside the Williams Mullen building downtown. (Michael Schwartz)
In a bid to expand its merger-and-acquisition advisory business, one of Richmond’s biggest accounting firms fittingly made an acquisition of its own.
Cherry Bekaert, based in the Williams Mullen building downtown, this month acquired CTS Capital Advisors, a Bethesda, Maryland-based firm that advises mainly private-equity firms on their deals by providing valuation, quality-of-earnings reports and others services.
Scott Moss
Scott Moss, the head of Cherry Bekaert’s advisory services operations, said the deal instantly doubles a side of the business that the firm has had for about 20 years.
“We come out of the gate with roughly 50 professionals in transactions and valuations,” Moss said.
Terms of the deal were not disclosed. It was finalized Aug. 1.
The firm would not say comment on the size of the book of business CTS brings with it. Cherry Bekaert overall brings in around $200 million in revenue annually. It has 1,100 employees firm-wide.
Those employees coming over from CTS will work out of Cherry Bekaert’s office in Bethesda, where it made another acquisition in 2015.
And this latest deal continues an acquisition streak that netted three targets last November when Cherry Bekaert absorbed two accounting firms in Nashville and Maryland, while adding a longtime Richmond-based IT company into its ranks.
The latter of those three, in which it bought The Computer Solution Company of Virginia, a Richmond-based IT company founded in 1981, was an intentional departure from what’s considered traditional accounting services.
Moss, who is based in the firm’s Charlotte office, said CTS is another example of that strategy of branching out.
“This is consistent with building out some of the non-core CPA-type services,” he said.
While it stays busy with acquisitions, Cherry Bekaert also has a legal battle on its hands in Richmond, as it has become entangled in the fallout of the collapse of MGT Construction.
The Cherry Bekaert office inside the Williams Mullen building downtown. (Michael Schwartz)
In a bid to expand its merger-and-acquisition advisory business, one of Richmond’s biggest accounting firms fittingly made an acquisition of its own.
Cherry Bekaert, based in the Williams Mullen building downtown, this month acquired CTS Capital Advisors, a Bethesda, Maryland-based firm that advises mainly private-equity firms on their deals by providing valuation, quality-of-earnings reports and others services.
Scott Moss
Scott Moss, the head of Cherry Bekaert’s advisory services operations, said the deal instantly doubles a side of the business that the firm has had for about 20 years.
“We come out of the gate with roughly 50 professionals in transactions and valuations,” Moss said.
Terms of the deal were not disclosed. It was finalized Aug. 1.
The firm would not say comment on the size of the book of business CTS brings with it. Cherry Bekaert overall brings in around $200 million in revenue annually. It has 1,100 employees firm-wide.
Those employees coming over from CTS will work out of Cherry Bekaert’s office in Bethesda, where it made another acquisition in 2015.
And this latest deal continues an acquisition streak that netted three targets last November when Cherry Bekaert absorbed two accounting firms in Nashville and Maryland, while adding a longtime Richmond-based IT company into its ranks.
The latter of those three, in which it bought The Computer Solution Company of Virginia, a Richmond-based IT company founded in 1981, was an intentional departure from what’s considered traditional accounting services.
Moss, who is based in the firm’s Charlotte office, said CTS is another example of that strategy of branching out.
“This is consistent with building out some of the non-core CPA-type services,” he said.
While it stays busy with acquisitions, Cherry Bekaert also has a legal battle on its hands in Richmond, as it has become entangled in the fallout of the collapse of MGT Construction.