Cherry Bekaert to enter Pa. with Herbein deal

Courtesy of Herbein

Top 25 Firm Cherry Bekaert announced plans to acquire Reading, Pennsylvania-based Regional Leader Herbein + Co. Inc.

The combination would mark Cherry Bekaert's first entry into the Keystone State and strengthens its presence in the Mid-Atlantic and Northeast.

"This acquisition not only expands our geographical reach into Pennsylvania but also enhances our service offerings across key industries," said Cherry Bekaert CEO Michelle Thompson, in a statement Wednesday. "Herbein's client-centric approach aligns well with our firm's values and strategic objectives. Together, we look forward to driving greater value for our clients and further strengthening our regional presence."

Herbein brings expertise in agribusiness, construction, financial institutions, higher education and government, and has offices in New Jersey and Delaware, in addition to its strong presence in Pennsylvania.

"We are excited for this new chapter with Cherry Bekaert," Herbein CEO David Stonesifer said in a statement. "Our clients will benefit from an expanded suite of offerings while still receiving the same level of service they have come to expect from Herbein."

Financial terms of the deal, which is expected to close later this month, were not disclosed. As Cherry Bekaert operates in an alternative practice structure, it will involve two transactions: Cherry Bekaert Advisory LLC will acquire Herbein + Co.'s nonattest assets, with the attest assets acquired by Cherry Bekaert LLP.

Cherry Bekaert ranked No. 20 among Accounting Today's Top 100 Firms, with $660 million in revenue, 47 offices, 183 partners, and over 2,600 staff. Herbein, which ranked among the top 20 Regional Leaders in the Mid-Atlantic Region, reported $60.2 million in revenue, with 12 offices, 45 partners and almost 400 employees.

The deal is the latest in a series of acquisitions by Cherry Bekaert, as part of an M&A strategy accelerated by its partnership with private equity firm Parthenon Capital in 2022. This past August, it acquired Massachusetts-based Jameson, and in June, Cherry Bekaert acquired Spicer Jeffries, a Denver-based firm with an extensive business in fund audits.

Last year, it acquired DeBlanc, Murphy & Murphy, strengthening its position in the Greater Washington, D.C. market, as well as Katz Nannis + Solomon in the Boston area, Microsoft reseller ArcherPoint and accounting software and cloud services firm Kerr Consulting. In 2023, it added PKF Mueller, a Regional Leader with offices in Illinois and Florida; and MCM CPAs & Advisors, a Top 75 Firm based in Louisville, Kentucky; Legier & Co., a forensic accounting and litigation consulting firm in New Orleans; and Cordia Partners in the Washington, D.C., area. In 2022, it added Treacy & Co., a firm with offices in Boston and Chicago.