Brown Edwards buys Roanoke and Lynchburg practices from Cherry Bekaert
Brown Edwards is acquiring the Roanoke and Lynchburg, Virginia, practices of Cherry Bekaert, LLP, effective June 1, 2019.
As part of the deal, Cherry Bekaert partners Randy Burton and Richard Hedley in Roanoke will be joining Brown Edwards, along with most of the staff members at both offices. Many of Cherry Bekaert’s clients are expected to move to Brown Edwards as well.
Financial terms of the deal were not disclosed. Brown Edwards, which is based in Roanoke, ranked 98th on Accounting Today’s 2019 list of the Top 100 Firms, with $42.4 million in annual revenue, while Cherry Bekaert, based in Richmond, Virginia, ranked 26th, with $194.6 million in revenue.
“This acquisition not only solidifies Brown Edwards’ position as the largest firm in these markets, with 15 partners and 92 professional staff between the two offices, but also allows the Cherry Bekaert clients more local resources and access to immediate and local decision making,” said Brown Edwards CEO Jason Hartman in a statement Monday. “As Brown Edwards continues to grow throughout the region, we feel these acquisitions demonstrate a firm commitment to the Roanoke and Lynchburg communities, our business and individual clients, and our employees in the area.”
Brown Edwards offers assurance, tax and business advisory services to clients across Virginia, West Virginia, North Carolina and Tennessee. The Roanoke acquisition will give Brown Edwards a new office in the Wells Fargo Tower while the Cherry Bekaert office in Lynchburg will transition to the Brown Edwards office.
This isn’t the first time Brown Edwards has acquired a local practice from a larger firm. In early 2017, Brown Edwards acquired a Roanoke practice from Dixon Hughes Goodman. Last December, it also added Yancey & Bowman, a firm in Harrisonburg, Virginia.
“Brown Edwards is focused on exceptional service to the individuals and organizations of our region,” stated Cherry Bekaert partner Randy Burton. “Through the efforts of many in our community, we are seeing great things happen in our local economy. As evidenced by this investment by Brown Edwards, we are both committed to furthering and supporting that impact. I am excited that our team is joining Brown Edwards as our combined efforts will continue advancing our business ecosystem benefiting us all.”