Cherry Bekaert Announces Strategic Investment from Parthenon Capital
RALEIGH, N.C., June 30, 2022 – Cherry Bekaert (“the Firm”) is pleased to announce Parthenon Capital (“Parthenon”), a leading growth-oriented private equity firm, has made a strategic investment in the Firm’s business advisory practices. This investment will help enhance the Firm’s offerings in its core practices, accelerate the Firm’s growth plans, expand the range of digitally driven, industry-aligned offerings to our clients, and advance the Firm’s commitment to continually improving the experience of our people.
Going forward, Cherry Bekaert LLP, a licensed CPA firm, will provide attest services and Cherry Bekaert Advisory LLC will provide business advisory and non-attest services. Michelle Thompson, the current Managing Partner of Cherry Bekaert LLP, will serve as the Chief Executive Officer of Cherry Bekaert Advisory LLC and Collin G. Hill will become the Managing Partner 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,” said Michelle Thompson, Chief Executive Officer. “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 share Michelle’s strategic vision for the future of the Firm and we are excited to leverage our industry expertise and resources to accelerate investments that build upon Cherry Bekaert’s legacy of creating shared success for its people and clients,” said Andrew Dodson, Managing Partner, Parthenon Capital. “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.”
Guggenheim Securities, LLC acted as sole financial advisor and Hunton Andrews Kurth LLP served as legal counsel to the Firm. Kirkland & Ellis LLP and BakerHostetler LLP served as legal counsel to Parthenon.
About Parthenon Capital
Parthenon Capital is a leading mid-market private equity firm with offices in Boston, San Francisco and Austin. Parthenon utilizes niche industry expertise and a deep execution team to invest in growth companies in service and technology industries. Parthenon seeks to be an active and aligned partner to management, either through recapitalization transactions or by backing new executives. Parthenon has particular expertise in financial and insurance services, healthcare and business services, but seeks any service, technology or delivery business with a strong value proposition and proprietary know-how.
About Cherry Bekaert
Cherry Bekaert, ranked among the largest assurance, tax and advisory firms in the U.S., serves clients across industries in all 50 U.S. states and internationally. “Cherry Bekaert” is the brand name under which Cherry Bekaert LLP and Cherry Bekaert Advisory LLC, independently owned entities, provide professional services in an alternative practice structure in accordance with applicable professional standards. Cherry Bekaert LLP is a licensed CPA firm that provides attest services, and Cherry Bekaert Advisory LLC and its subsidiary entities provide business advisory and non-attest services spanning the areas of transaction advisory, risk and accounting advisory, digital solutions, cybersecurity, tax, benefits consulting, and wealth management. We exercise a deliberate curiosity to know our clients’ industries and work collaboratively to create shared success. For more details, visit cbh.com/disclosure.
Cherry Bekaert LLP and Cherry Bekaert Advisory LLC are members of Allinial Global, an accountancy and business advisory global association. Visit us at cbh.com and follow us on LinkedIn, Facebook, Twitter or Instagram.