Cherry Bekaert, a Top 100 Firm based in Richmond, Va., has expanded to Nashville, Tenn., by acquiring Frasier, Dean & Howard.
By combining with FDH, Cherry Bekaert will become one of the 10th biggest CPA firms in Middle Tennessee, with 11 partners and more than 50 associates. Financial terms of the deal were not disclosed. FDH had annual revenue of approximately $7.5 million, while Cherry Bekaert has annual revenue of around $200 million, according to the firm. Cherry Bekaert ranked 25th on Accounting Today’s 2017 list of the Top 100 Firms.
Cherry Bekaert looked to Nashville for expansion because of the city’s diverse, growing economy and business climate. The firm is targeting clients in the technology, life sciences, advanced manufacturing, distribution, transportation, logistics, health care, education and nonprofit sectors.
“Cherry Bekaert has the desire to expand into growing markets that can benefit from our industry-focused, growth advisory service approach, so Nashville has been at the top of our list for some time,” said Cherry Bekaert managing partner Howard J. Kies in a statement. “Given its longevity and strong reputation for client service, FDH was a perfect match to help us enter the Nashville market. THInc, our specialty practice that serves the innovative needs of technology, health and life sciences, and industrial clients, will be key growth driver for our combined firms going forward.”
Two weeks ago, Cherry Bekaert announced that Michelle Thompson will succeed Kies as managing partner and CEO in May (see Cherry Bekaert elects Michelle Thompson as managing partner and CEO). She will be one of only three women running one of the 25 largest accounting firms.
FDH was founded in 1975 by Charles Frasier. The FDH professionals who are joining Cherry Bekaert as partners include Barry Dean, Stephen Dolan, Jeffrey Fox, Edd Haynes, Jason Hoard, David Howard, Gay Moon, Steven Riley, Jeffrey Smith, and Robert Weatherly. Chase Wright, an assurance & advisory partner with Cherry Bekaert, will also be part of the Nashville practice.
“Our clients will benefit from Cherry Bekaert’s expansive suite of specialty services,” said FDH co-managing partner Barry Dean, who will be one of the new partners at Cherry Bekaert. “Cherry Bekaert’s reputation with industries important to Nashville’s economy will serve as an ongoing catalyst for our growth as one firm.”
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