Earlier in the week, Cherry Bekaert, an accounting and consulting firm announced that it has successfully acquired CTS Capital Advisors LLC.
Founded by Harry Cherry and Charles Bekaert back in 1947 in Wilmington, North Carolina, Cherry Bekaert ranks amongst USA’s largest accounting firms.
The firm offers its management and financial services to numerous clients including private businesses, multinational corporations, government entities, emerging firms, non-profit organizations, and start-ups.
Cherry Bekaert conducts short interviews with finalists and verifies financial data. It is also a sponsor of Inside Business’s ‘Roaring 20’ awards that honor Hampton Road’s most unique and revolutionary businesses based on employee and revenue growth.
Cherry Bekaert has its headquarter in Richmond and has offices in Virginia Beach and Norfolk. Founded 71 years ago, the accounting and consulting firm has grown to have more than 1,100 employees.
CTS is a company founded back in 2003, it is a boutique financial firm that offers business advisory services, portfolio monitoring, and financial due diligence.
With the acquisition of CTS, it brings 25 more employees to Cherry Bekaert’s location in Bethesda, Maryland.
Cherry Bekaert also announced that Jeffrey Bengtson will be the national leader of the firm’s transaction advisory services practice.
In a news release, Bengtson, a co-founder and managing member of CTS, said that Cherry Bekaert is an ideal match for CTS as it has a relatively similar cultural fit and shared growth vision as CTS.
According to Bengtson, “Our professionals would be greatly equipped with the combined service capabilities platform and national reach and in turn be able to offer additional value to our clients.”
A co-founder of CTS, Sean Geoghan, said that combining forces will undoubtedly accelerate the expansion of their national transaction advisory and valuation practice.
According to Geoghan, “The extra speciality resources in the sectors of IT due diligence, transaction tax and, cybersecurity, added to a deeper bench of transaction and valuation talent will enable us to widen our geographic reach and grow our private equity relationships and practice focus over the U.S.”