Cherry Bekaert merges in Berlin Ramos
Cherry Bekaert LLP, a Top 100 Firm, is expanding its presence in the Washington, D.C., area by adding Berlin Ramos & Company PA, effective Nov. 1, 2017.
The deal will add six partners and more than 40 professionals to Cherry Bekaert. The firm’s Greater Washington, D.C. practice will have more than 150 professional staff in its offices, including 19 partners, thanks to the deal. The Berlin Ramos partners and principals joining Cherry Bekaert include R. Bruce Buchanan, Alan Bergamini, David Flinchum, Greg Sweeney, Steve Kenney and Eric Prawde.
Financial terms of the transaction were not disclosed. Berlin Ramos’s annual revenue is approximately $10.5 million. Cherry Bekaert’s D.C. practice is expected to have over $30 million in annual revenue after the deal. 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.
Berlin Ramos’s professional staff will continue to operate at their current location in Rockville, Md. Last week, Cherry Bekaert expanded to Nashville by acquiring a Tennessee firm, Frasier, Dean & Howard (see Cherry Bekaert enters Nashville market by acquiring Frasier, Dean & Howard).
Berlin Ramos services clients in industries such as the real estate, construction, hospitality, retail and professional services. Cherry Bekaert focuses on the technology, life sciences, government contracting and private equity sectors.
Paul Berlin and Rene Ramos founded Berlin Ramos over 70 years ago. The firm was recently named in the top 10 of 2017 Best Midsized Firms to Work For by Accounting Today.
“The Greater Washington, D.C. metro area is a key strategic growth market for us,” said Cherry Bekaert managing partner Howard J. Kies in a statement. “The Berlin Ramos ‘Best Places to Work’ culture and long history of adding value for their clients makes them an ideal strategic match for our Firm. Together, we will make a positive impact and a measurable difference for our staff and our clients.”
Last month, 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.
“Our associates will enjoy greater professional and personal development opportunities with a larger organization,” said R. Bruce Buchanan, former managing principal of Berlin and a new partner at Cherry Bekaert. “The firm’s expansive service offerings will also allow us to add more value to our clients as their organizational needs continue to grow.”