Cherry Bekaert, a Top 50 Firm based in Raleigh, North Carolina, is buying PKF Mueller, a Regional Leader with offices in Elgin, Chicago, Orland Park and Des Plaines, Illinois, along with a location in Sarasota, Florida.
As part of the deal, Cherry Bekaert is also acquiring Mueller dotKonnect, a business process outsourcing firm that specializes in finance, accounting, tax and payroll functions.
Financial terms of the deal were not disclosed. PKF Mueller and Mueller dotKonnect earned a combined $44 million in revenue, while Cherry Bekaet's pro forma revenue will now be $585 million for calendar year 2023. PKF Mueller has 10 partners, while Mueller dotKonnect has one, and they have 155 staff in the U.S. and 151 staff members in India. Cherry Bekaert will now have 170 partners now and over 2,200 employees. Cherry Bekaert ranked No. 29 on Accounting Today's 2023 list of the Top 100 Firms. PKF Mueller ranked No. 20 on the Regional Leaders list for the Top Firms in the Great Lakes region.
"PKF Mueller's longstanding reputation for delivering exceptional client service presents an exciting opportunity for us to further fortify our footprint in the Chicago area while leveraging our shared portfolio of services," said Cherry Bekaert Advisory CEO Michelle Thompson in a statement Thursday. "We're thrilled to be combining forces with a firm of such stature. Anticipating the collaboration with PKF Mueller and their clients, we are poised to amplify the spectrum of advisory excellence accessible to them."
Last month, Cherry Bekaert acquired
The PKF Mueller acquisition is the latest in a string of M&A deals since Cherry Bekaert
PKF Mueller was founded in 1968, and the acquisition will bolster Cherry Bekaert's reach in the Illinois market, in line with the firm's strategic growth plans after receiving the private equity funding.
"Cherry Bekaert is a respected firm in the business and financial community, and we are very excited to join them," said PKF Mueller CEO David J. Nissen in a statement. "Our current mission and core values match with those of Cherry Bekaert. Through this acquisition, our dedicated people will build new skills and foster valuable relationships to further enhance our offerings. We look forward to growing with Cherry Bekaert and are confident our clients and our people will all greatly benefit."
Mueller dotKonnect president Phani Ilapakurty sees synergy between the services of both firms. "Our firm's service portfolio harmonizes seamlessly with the service spectrum of Cherry Bekaert, thereby affording our clients an avenue to access an even more expansive range of innovative solutions," he stated. "Furthermore, this collaboration augments our capacity to offer finance transformation advisory along with outsourced accounting and technology enabled BPO services to reach broader clients."
Carl George Advisors CEO Carl George advised both firms on the acquisition. "PKF Mueller is a recognized accounting and consulting firm," he said in a statement. "They chose Cherry Bekaert because they felt it was a great cultural and strategic fit for their people and their clients. The ability to scale more broadly and be part of top-notch firm was another deciding factor. This collaboration will yield significant benefits for their clients, employees, and the communities they serve. Both firms bring great leadership to the table, and I know they will work well together."
