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Cherry Bekaert Expands Footprint with Acquisition of Katz Nannis + Solomon in Boston
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Subscribe10 DEC 2024 / M&A UPDATES
Cherry Bekaert Expands Footprint with Acquisition of Katz Nannis + Solomon in Boston
Raleigh, N.C.-based firm Cherry Bekaert (FY23 net revenue: $572 million) has announced its acquisition of the esteemed CPA firm Katz Nannis + Solomon, based in Waltham, Mass. This strategic move enhances Cherry Bekaert’s strategy and innovation advisory services, while expanding its presence in the Northeast, particularly in Boston. The acquisition also broadens the firm’s audit and tax capabilities, reinforcing its commitment to growing its Northeast footprint.
Strengthening the Northeast Presence
Founded in 1998, Katz Nannis + Solomon has established itself as a leading Top 25 CPA firm in Massachusetts. The firm specializes in providing comprehensive accounting, tax, and advisory services to clients across key sectors, including Technology, Life Sciences, Financial Services, Venture Capital, and Consumer Goods. This acquisition significantly deepens Cherry Bekaert’s industry knowledge and strengthens its audit and tax offerings, complementing its existing presence in the Mid-Atlantic and Central regions.
Michelle Thompson, CEO of Cherry Bekaert Advisory, shared her enthusiasm for the acquisition, stating, "Acquiring such a highly regarded firm provides Cherry Bekaert with the foundation needed to grow our business in the Northeast. 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."
Shared Vision for Client Success
For Jeffrey Solomon, Managing Partner of Katz Nannis + Solomon, this acquisition presents an exciting opportunity to continue delivering high-quality service while tapping into Cherry Bekaert’s broader resources. "Joining forces with Cherry Bekaert is an exciting opportunity for our team and clients. 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," Solomon said.
Seamless Integration
The acquisition consists of two separate deals: Cherry Bekaert Advisory LLC acquired Katz Nannis + Solomon's nonattest assets, while Cherry Bekaert LLP took on its attest assets. Despite these separate acquisitions, the integration will be smooth, with both firms operating under the Cherry Bekaert brand and maintaining high service standards.
This acquisition marks another milestone in Cherry Bekaert’s growth strategy, ensuring the firm remains a prominent player in the accounting and advisory sectors, particularly in the Northeast.
Until next time…
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