Cherry, Bekaert & Holland has expanded to Roanoke, Va., by combining with McLeod & Company.
Effective Nov. 15, 2010, CB&H expanded its presence in Virginia with the addition of seven partners and more than 30 professionals serving the southwestern region of the state. With established offices in Richmond, Tyson’s Corner, Hampton Roads and Lynchburg, CB&H is among the largest non-Big Four accounting firms in Virginia with more than 225 accounting, tax and consulting professionals to serve the needs of our growing client base.
Richmond-based CB&H ranked 29th on Accounting Today’s 2010 list of the Top 100 Firms. McLeod's annual revenue is $8 million. With the acquisition, CB&H's annual revenue is about $115 million, according to August P. Keller III, director of marketing, strategic growth and specialization at the firm.
“Expanding our service coverage in the state of Virginia is a key strategic initiative for our firm,” said CB&H managing partner Howard Kies in a statement. “McLeod’s 25-year reputation for integrity, quality and service made them an ideal match for us to enter the Roanoke market. The talent and expertise within McLeod builds upon our growing presence and expands our industry knowledge for key practice areas in the state of Virginia.”
Formed in 1986, McLeod has been serving growth-oriented, private businesses; mid-market corporations; entrepreneurs; and high-net-worth individuals in the Roanoke area.
“CB&H represents a great cultural fit for our firm and will provide expanded growth opportunities for our people and our clients,” said McLeod CEO F. Fulton Galer, who is now partner-in-charge of CB&H's Roanoke office.
He told Accounting Today that talks between the two firms went on for about three months. "It's really expanding services to some of or existing clients," he added. "Instead of developing some specialties internally, we merged with a larger firm that had some of the specialties developed. We were looking to expand geographically. That can be a difficult growth process. This was a good fit within the state of Virginia."
“We are pleased to join a firm of the caliber and prestige of CB&H,” said founding partner John McLeod.
On the CB&H side, Kies and COO Kurt Taves worked directly on the deal, according to Allan D. Koltin, CEO of PDI Global Inc., who advised both firms on the merger. “McLeod and Company is by far one of the most entrepreneurial firms I have ever seen, and anyone who wanted to open in Roanoke knew that this firm had great growth potential,” said Koltin. “For CB&H, they also pick up some strong niches, rainmakers, and leaders, which should help them with expanding throughout Virginia.”
