Cherry Bekaert buys CPA Spicer Jeffries

The acquisition includes both non-attest and attest assets, in line with alternative practice structures. Pro.Sto/Shutterstock.

Cherry Bekaert, a US assurance, tax, and advisory firm, has acquired Spicer Jeffries, a CPA firm focused on the securities industry.

This acquisition is set to broaden Cherry Bekaert’s service offerings, particularly in the asset management sector, and extend its geographic reach.

For more than 30 years, Spicer Jeffries has been establishing partnerships within the global securities industry, the company stated.

The firm’s client base includes hedge funds, private equity firms, venture capital entities, and other investment institutions.

The deal is said to enhance Cherry Bekaert’s fund regulatory compliance and investor transparency practices.

It also brings the firm to the Rocky Mountain region, including Denver, considered a “growing” market in sectors aligning with its focus such as financial services, health care, life sciences, aerospace, technology, and energy.

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Moreover, the deal allows Cherry Bekaert to conduct audits for funds registered with the Cayman Island Monetary Authority, via Spicer Jeffries’ affiliated firm in the Cayman Islands. This office will enable the firm to deliver specialised services to clients with international operations.

The integration of Cherry Bekaert’s capabilities with Spicer Jeffries’ industry credentials is expected to deliver tailored solutions to clients across the asset management spectrum, Cherry Bekaert stated.

The acquisition includes both non-attest and attest assets, in line with alternative practice structures.

Cherry Bekaert Advisory partner and Financial Services Industry leader Scott Moss added: “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.”

“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.”

Spicer Jeffries founder and managing partner Robert Yurglich said: “Joining Cherry Bekaert is a significant step forward for us. We are thrilled to bring our specialised 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.”

In October 2024, Cherry Bekaert acquired ArcherPoint, a Microsoft Certified Solutions Partner, for an undisclosed amount.