Cherry Bekaert Enters Austin Market with Strategic Acquisition
15 Feb 2018
Powell, Ebert & Smolik, PC Joins Top 25 Accounting Firm
Baker Tilly International member firm Cherry Bekaert LLP (Richmond, Virginia, US) has announced the acquisition of Powell, Ebert & Smolik, PC (PES), one of the leading certified public accounting firms in Austin, Texas. This strategic combination expands Cherry Bekaert’s service footprint into the Austin market.
In joining forces with PES, Cherry Bekaert enters the Austin market as one of the 15 largest CPA and consulting firms servicing Austin and Central Texas. Three partners and more than 25 associates will establish the firm’s market presence in the Austin area. Cherry Bekaert sought a strategic acquisition in Austin due to the area’s robust growth economy and innovative business climate. These attributes attract and cater to the firm’s core industry sectors of technology, life sciences, advanced manufacturing, distribution and real estate.
“Austin was a key strategic target market for our firm in terms of geographic expansion,” commented Howard J. Kies, CPA, firm managing partner of Cherry Bekaert.
“PES’s longstanding market reputation for quality work and client service make them a great synergistic fit for Cherry Bekaert. With their connections in the Austin community, we look forward to building a market presence for THInc, our specialty practice that serves the innovative needs of technology, health and life sciences, and industrial clients.”
PES was founded in 1992 when three Big 4 accounting firm partners, Danny Powell, Vernon Ebert and Jim Smolik, joined together their practices. Robert Schriber became a shareholder in 1996, and the firm grew to become one of the largest firms in the Austin area.
“Our clients will benefit from Cherry Bekaert’s industry expertise and expansive suite of specialty services,” said Danny Powell, former shareholder with PES and new partner at Cherry Bekaert.
“The growth catalysts for the Austin economy align well with the focused verticals of Cherry Bekaert. We look forward to bringing more value to the local business community.”
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