Acquisition of Accume Partners by Cherry Bekaert Highlights Trend of Service Expansion by Traditional Accounting Firms
—Tom McConnell, Managing Director
DENVER, CO, USA, October 19, 2022 /EINPresswire.com/ — Capstone Partners, a leading middle-market investment bank, sees growth-oriented accounting firms aggressively seeking professional services merger and acquisition opportunities with the recent acquisition of Accume Partners (“Accume”) – a leading national provider of cybersecurity, internal audit, compliance and risk management services – by Cherry Bekaert.
Capstone sees private equity increasingly supporting these buyers in their targeted acquisition of companies with specialized expertise, particularly in regulated industries. As regulatory and macroeconomic environments become increasingly complex, accounting firms are increasingly looking for horizontal integration to extend their internal and external risk management services. These professional services providers are benefiting from building a pool of skilled talent, amid an ongoing talent shortage in a tight labor market, as they navigate their clients through an increasingly complex regulatory environment.
Integrating these providers also allows accounting firms to expand their range of services beyond traditional offerings such as audit and tax, deepen client relationships and strengthen their influence as an advisor. trust with senior management. Providing diverse services and leveraging the latest technologies blurs the business models of traditional CPA firms and business consultants to create expanded growth opportunities and high-margin recurring revenue streams.
Capstone Managing Director Tom McConnell advised Accume, a portfolio company of Nadavon Capital Partners, on the transaction and said, “We expect increased transaction activity in the professional services and accounting sectors, driven by strong customer demand for a wider range of capacities. Cybersecurity, risk management and compliance services represent extraordinary growth opportunities as regulatory requirements and the potential for liability exposure increase. Private equity has correctly recognized the opportunity to support these regional and super-regional accounting firms following a proven “buy and build” strategy that has been successfully deployed in other sectors.
Accume Partners is a risk and compliance advisory firm providing integrated solutions to highly regulated industries.
The Company’s services include internal audit, regulatory compliance, risk management, IT audit, quality assurance and enterprise risk management services.
“In response to ever-increasing regulatory requirements, Cherry Bekaert is focused on growing our practice with top talent to meet our clients’ needs,” commented Srikant Sastry, Consulting Manager at Cherry Bekaert. “The Accume Partners team brings a proven track record in internal auditing which will complement a geographic expansion of our practice. We are delighted to welcome them to the firm as we strengthen our risk management and accounting advisory capabilities.
This acquisition also strengthens the depth of Cherry Bekaert’s industry serving banks and financial institutions. “In today’s challenging economic environment, this expands our capabilities to work with our financial services customers to help them manage their operational risk, compliance and controls as they continue to expand in the market. said Brian Murrow, head of risk management consulting and accounting at Cherry Bekaert.
Capstone expects to see continued consolidation in the space as industry leaders continue to leverage mergers and acquisitions to expand service offerings and acquire top talent.
Learn more about the transaction here.
ABOUT CHERRY BEKAERT
Cherry Bekaert, ranked among the largest insurance, tax and advisory firms in the United States, serves clients from all 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, independent 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 attestation services, and Cherry Bekaert Advisory LLC and its subsidiaries provide business advisory and non-attestation services covering the areas of transaction advisory, risk advisory and accounting, digital solutions, cybersecurity, tax, benefits. advice and wealth management. They exercise a deliberate curiosity to learn about their clients’ industries and work collaboratively to create shared success. For more details, visit cbh.com.
ABOUT CAPSTONE PARTNERS
For more than 20 years, the firm has been a trusted advisor to leading middle-market companies, providing a fully integrated range of investment banking and financial advisory services specifically designed to help owners, investors and creditors with every stage of the business life cycle. Capstone’s services include mergers and acquisitions advisory, debt and equity placement, corporate restructuring, special situations, valuation and equity opinions, and financial advisory services. Based in Boston, the company has more than 175 professionals across the United States. With 12 dedicated industry groups, Capstone offers industry expertise through large cross-functional teams. Capstone is a subsidiary of Huntington Bancshares Incorporated (NASDAQ: HBAN). For more information, visit www.capstonepartners.com.