M&A roundup: 4 big deals

Cherry Bekaert, a Top 25 Firm based in Raleigh, North Carolina, is expanding in the Northeast by acquiring Katz Nannis + Solomon, a Boston-based firm that provides accounting, audit, tax and advisory services.

Founded in 1998, Katz Nannis + Solomon serves clients in the technology, life sciences, financial services, venture capital and consumer goods sectors.

The expansion into the Northeast complements Cherry Bekaert's existing presence in the Mid-Atlantic and Central regions. 

"Acquiring such a highly regarded firm provides us with the foundation needed to grow our business in the Northeast," said Cherry Bekaert Advisory CEO Michelle Thompson in a statement Tuesday. "Katz Nannis + Solomon's commitment to client service aligns with our values and growth objectives. We look forward to providing enhanced, digitally driven, industry-aligned solutions to our shared clients."

Cherry Bekaert has operated in an alternative practice structure ever since it received private equity funding in June 2022 from Parthenon Capital. The transaction consists of two acquisitions: Cherry Bekaert Advisors LLC acquired Katz Nannis + Solomon's nonattest assets while Cherry Bekaert LLP acquired Katz Nannis + Solomon's attest assets.

"Joining forces with Cherry Bekaert is an exciting opportunity for our team and clients," said Katz Nannis + Solomon managing partner Jeffrey Solomon in a statement. "We share a common vision of providing exceptional service and innovative solutions. Together, we will continue to support our clients' success in an ever-changing business landscape."

Financial terms of the deal were not disclosed. Cherry Bekaert ranked No. 21 on Accounting Today's 2024 list of the Top 100 Firms, with $585 million in annual revenue, approximately 180 partners and over 2,200 employees.

Earlier this month, Cherry Bekaert merged in DeBlanc, Murphy & Murphy, strengthening its position in the Greater Washington, D.C. market. In October, it acquired Microsoft reseller ArcherPoint, and an affiliated solutions developer, Suite Engine. In August the firm acquired another ERP services provider, Sage reseller Kerr Consulting. Last year, Cherry Bekaert acquired PKF Mueller, a Regional Leader with offices in Elgin, Chicago, Orland Park and Des Plaines, Illinois, along with a location in Sarasota, Florida; MCM CPAs & Advisors, a Top 75 firm based in Louisville, Kentucky; and Legier & Co., a forensic accounting and litigation consulting firm in New Orleans.

Aprio, a Top 50 Firm based in Atlanta, has acquired two firms, Pontiff + Associates and Elite Tax & Accounting, both based in Denver, effective Dec. 1, 2024, only a few months after receiving private equity funding from Charlesbank Capital Partners in July.

Both firms will join Aprio's Denver office, which opened in 2023.

"Denver is an entrepreneurship hub and home to some of the country's most successful companies, making it a terrific market for continued growth and expansion for Aprio," said Aprio CEO Richard Kopelman in a statement Tuesday. "Pontiff + Associates and Elite Tax & Accounting have deeply rooted relationships across Colorado, and their collective experience will complement our existing, talented team in Denver and align well with client needs in the market and nationwide. We are thrilled to welcome both firms to Aprio."

Pontiff + Associates PC focuses on tax planning and preparation, business valuation, and litigation support, serving clients primarily in the professional services and real estate industries. The firm includes four professionals and dates back to 1987.

"Being able to support our clients with a national platform is a tremendous advantage," said managing partner Matt Pontiff in a statement. "Aprio has experienced remarkable growth in recent years, and it's an exciting time to join the firm."

Elite Tax & Accounting LLC offers tax preparation, client accounting services, and IRS and state tax resolution services, with many clients in the real estate sector. Its team includes 16 professionals.

"Aprio's commitment to continuous professional development gives our team members access to unique career growth opportunities and advancement," said Elite Tax & Accounting managing partner Troy Vigil in a statement. "We are excited about the future and the possibilities this combination brings for both our clients and our team."

Aprio ranked No. 25 on Accounting Today's 2024 list of the Top 100 Firms, with $420.79 million in annual revenue, over 200 partners and 1,850 professionals. 

In November, the firm expanded to Southern California by acquiring Kirsch Kohn Bridge, a firm based in Woodland Hills, effective Nov. 1. Aprio has completed over 20 mergers and acquisitions since 2017, adding Ridout Barrett & Co. last December, and before that, Antares Group, Culotta, Scroggins, Hendricks & Gillespie, Aronson, Salver & Cook, Gomerdinger & Associates, Tobin & Collins, Squire + Lemkin, LBA Haynes Strand, Leaf Saltzman, RINA and Tarlow and Co.

Platform Accounting Group has added DHS Advisors, formerly known as D.H. Scott & Co., in Redding, California. 

Prior to the deal, DHS Advisors had two managing partners, three junior partners and 26 staff. The firm has been operating for nearly 40 years. 

DHS's clients include organizations in the manufacturing, construction, lumber and logging, high tech, agriculture, transportation, retail, financial, professional, health care, governmental and nonprofit sectors. Its services include litigation consulting and expert witness testimony in the areas of bankruptcy, fraud investigations, valuation, structured settlements, and damages.

"We are looking forward to this next chapter of our business," said Paul Catanese, co-managing partner at DHS Advisors, along with Keith Hunting, in a statement last week. "We value our clients and employees immensely. Joining Platform opens up new opportunities and increased stability to our employees, so they can continue to provide best-in-class service."

Platform Accounting Group has nearly 1,000 employees across nearly 15 states. Last month, it added Finance à la Carte, an accounting firm specializing in the restaurant industry, and in July, it added Silver+Co, a New York-based firm that specializes in the restaurant and food service industry, along with labor and tax regulation in the service space. In August, it added HEB Business Solutions in Salt Lake City. Earlier this year, Platform acquired three firms in Oregon — James L. Shook CPA, Bjorklund & Montplaisir CPAs, and Parsons and Germer CPAs. In 2023, it acquired and rebranded several firms in California, including Alpert & King, R.O.A.D., JHS, and Hamilton & Co. 

In February, Platform received an $85 million funding round led by Cynosure Group of Salt Lake City, with participation from early investors Swell Capital, also from Salt Lake City, and Peery Capital from Palo Alto, California.