Richmond, Va.-based IPA 100 firm Cherry Bekaert has received a private equity investment from Parthenon Capital.
The firm expects the investment to enhance its offerings in its core practices and accelerate its growth plans. Going forward, Cherry Bekaert LLP will be the licensed CPA firm providing attest services and Cherry Bekaert Advisory LLC will provide business advisory and non-attest services. Current Cherry Bekaert MP Michelle Thompson will serve as CEO of Cherry Bekaert Advisory, and Collin Hill will become the MP of Cherry Bekaert LLP.
“We are excited about Parthenon’s commitment to provide additional investment in technology, infrastructure and other key areas that will enable us to better serve our clients,” says Thompson. “We know our clients will share in our enthusiasm as we reimagine the future of Cherry Bekaert and the new opportunities this restructuring presents for our people and the communities where we live and work.”
“We are eager to collaborate with the Cherry Bekaert team to support continued strong growth, both organically and through strategic acquisitions, that allows the firm to achieve its full potential as one of the country’s leading professional services organizations,” adds Parthenon MP Andrew Dodson.