Cherry Bekaert Expands Footprint with Herbein Acquisition
Cherry Bekaert is set to expand its operations through the acquisition of Herbein + Company, Inc., a prominent CPA advisory firm. This decision marks a significant step forward for Cherry Bekaert, allowing it to strengthen its position across various sectors. Herbein is recognized for its expertise in providing tax, audit, advisory, HR consulting, and risk management services. The acquisition is anticipated to close shortly, enabling Cherry Bekaert to broaden its reach as it ventures into new geographical territories.
Strengthening Services in Key Industries
Herbein's impressive portfolio includes extensive experience in numerous industries, such as agribusiness, construction, financial institutions, manufacturing, higher education, and government sectors. This diverse range aligns closely with the core offerings of Cherry Bekaert, facilitating a seamless integration. Herbein has established itself as a Top 100 firm on INSIDE Public Accounting's list, indicating its reputable standing in the industry.
Enhancing Client Relations
With Herbein by its side, Cherry Bekaert aims to foster stronger client relationships by incorporating a wider array of services. The firm’s client-centric philosophy compliments Cherry Bekaert's commitment to offering notable value in every interaction. As the acquisition progresses, both firms are excited about the opportunities that lie ahead to enhance client services and offerings further.
About Herbein + Company, Inc.
While Herbein is headquartered in Reading, Pennsylvania, its influence spans into neighboring states with offices in Delaware and New Jersey. This acquisition signifies Cherry Bekaert's inaugural entry into Pennsylvania, enhancing connectivity across the northeastern and mid-Atlantic regions. Herbein’s diverse clientele includes family-owned businesses and private equity firms, which ensures a robust alignment between the two firms, creating a strong foundation for the future.
Statements from Leadership
According to Michelle Thompson, Chief Executive Officer of Cherry Bekaert Advisory LLC, this acquisition represents a pivotal moment in the firm’s growth strategy. She expressed confidence in the partnership, stating, "This acquisition will bolster our geographical reach and provide enhanced service offerings in various key sectors. By aligning with Herbein's ethos, we are set to drive greater customer value and reinforce our presence in the region." Similarly, David Stonesifer, Partner and Chief Executive Officer of Herbein, expressed enthusiasm about joining forces with Cherry Bekaert, stating, "We are excited for this new chapter. Our clients will benefit from an expanded suite of offerings while maintaining the excellent service they expect from us."
Seamless Integration Ahead
The transaction involves two key acquisitions; Cherry Bekaert Advisory LLC will acquire the non-attest assets of Herbein, while Cherry Bekaert LLP will take over the attest assets. This strategic setup ensures that both entities will meet their obligations and provide unparalleled service quality. The combined expertise of the unified team will operate under the Cherry Bekaert brand, emphasizing commitment to excellence.
About Cherry Bekaert
Cherry Bekaert is renowned as one of the largest assurance, tax, and advisory firms in the United States. The firm provides a comprehensive range of professional services tailored to various sectors while operating in accordance with prevailing professional standards. With an alternative practice structure, Cherry Bekaert Advisory LLC specializes in advisory services while Cherry Bekaert LLP, as a licensed CPA firm, focuses on attest services. The firm's collaborative approach and deep understanding of client needs drive shared success. To learn more about Cherry Bekaert, visit their website.
Frequently Asked Questions
What does the acquisition of Herbein entail?
The acquisition involves Cherry Bekaert purchasing Herbein + Company, Inc. to enhance service offerings and expand geographical reach.
How will client relationships be affected by this acquisition?
Clients can expect continued excellent service with the added benefit of a broader suite of services due to the merger.
What industries does Herbein specialize in?
Herbein has expertise across numerous sectors, including agribusiness, construction, and financial institutions.
Who are the leaders of the companies involved?
Michelle Thompson leads Cherry Bekaert Advisory LLC, while David Stonesifer is the CEO of Herbein + Company, Inc.
How will the integration process be managed?
The integration will be smooth, with clear plans for the acquisitions of both the non-attest and attest assets to maintain service quality.
