Top 25 accounting firm Cherry Bekaert has acquired Spicer Jeffries, a Denver-based CPA firm specializing in providing audit, tax, accounting, and consulting services to the securities industry.
Financial terms of the deal weren’t disclosed. Because Cherry Bekaert operates in an alternative practice structure, the transaction consists of two acquisitions: Cherry Bekaert Advisory LLC acquired Spicer Jeffries’ non-attest assets while Cherry Bekaert LLP will acquire Spicer Jeffries attest assets.
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Raleigh, NC-based Cherry Bekaert said the acquisition expands its service offerings to its financial services clients, particularly within the asset management sector, by tapping into Spicer Jeffries’ knowledge of the securities industry, fund structures, and relevant tax and accounting standards. The acquisition also enhances Cherry Bekaert’s fund regulatory compliance and investor transparency practices.
“This acquisition underscores our commitment to the financial services industry,” Cherry Bekaert Advisory CEO Michelle Thompson said in a statement. “We value the relationships Spicer Jeffries has built with their clients, fund administrators, attorneys, and other members in the investment community. We are excited to grow together.”
In addition, the deal expands Cherry Bekaert’s geographic coverage to the Rocky Mountain region, including the city of Denver, a market known as a growing business hub in key industries that align with the firm’s focus sectors, including financial services, health care, life sciences, aerospace, technology, and energy.
“Acquiring Spicer Jeffries aligns perfectly with our vision to expand our asset management capabilities. We are committed to providing comprehensive services to our fund clients, ranging from emerging managers to more mature funds,” said Scott Moss, partner and financial services industry leader at Cherry Bekaert Advisory. “Our combined team now includes more than 500 professionals who serve over 3,600 funds and more than 3,500 portfolio companies. This merger not only expands our geographic reach but also strengthens our depth of talent, ensuring that our clients will never outgrow our capabilities.”
Founded in 1992, Spicer Jeffries employees more than 80 individuals spread between its headquarters in Denver and an office in West Palm Beach, FL. The firm also opened an office in the Cayman Islands in 2008.
The Spicer Jeffries acquisition provides Cherry Bekaert the ability to conduct audits of funds registered with the Cayman Island Monetary Authority through Spicer Jeffries’ affiliated firm, Spicer Jeffries (Cayman) Ltd. Cherry Bekaert said having a new office in the Caymans provides a global presence and the ability to offer specialized services to clients with international operations.
“Joining Cherry Bekaert is a significant step forward for us,” said Robert Yurglich, founder and managing partner of Spicer Jeffries. “We are thrilled to bring our specialized industry knowledge to a firm that values growth and investor confidence. This partnership presents exciting growth opportunities for our people and enhances the value and services we provide to our clients.”
Cherry Bekaert moved to an alternative practice structure after receiving private equity funding from Parthenon Capital in 2022. Its last M&A deal was last December when it added Katz Nannis + Solomon, a Waltham, MA-based full-service CPA firm.
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