Top 25 accounting firm Cherry Bekaert is expanding its presence in the greater Boston area by adding Katz Nannis + Solomon, a Waltham, MA-based full-service CPA firm specializing in accounting, tax, and advisory services.
Financial terms of the deal weren’t disclosed.
The acquisition allows Cherry Bekaert to utilize Katz Nannis + Solomon’s established client base and streamline its operations while enhancing audit and tax capabilities for both firms’ clients.
“Acquiring such a highly regarded firm provides Cherry Bekaert with the foundation needed to grow our business in the Northeast,” Michelle Thompson, CEO of Cherry Bekaert Advisory, said in a statement. “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.”
Founded in 1998, Katz Nannis + Solomon has emerged as a top 25 CPA firm in Massachusetts. The firm enhances Cherry Bekaert’s depth of industry knowledge, particularly in the technology, life sciences, financial services, venture capital, and consumer goods sectors, according to a media release.
“Joining forces with Cherry Bekaert is an exciting opportunity for our team and clients,” said Jeffrey Solomon, managing partner of Katz Nannis + Solomon. “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.”
As is typical for firms that operate in alternative practice structures, the transaction consists of two acquisitions: Cherry Bekaert Advisory LLC acquired Katz Nannis + Solomon’s nonattest assets while Cherry Bekaert LLP acquired Katz Nannis + Solomon’s attest assets.
Raleigh, NC-based Cherry Bekaert moved to an alternative practice structure after receiving private equity funding from Parthenon Capital in 2022.
This is the second M&A deal Cherry Bekaert has made this month. The firm announced on Dec. 4 that it acquired DeBlanc, Murphy & Murphy, a Waldorf, MD-based CPA firm specializing in accounting, tax, and advisory services.
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