Parthenon Capital invests in tax and advisory firm Cherry Bekaert

• Guggenheim Securities, LLC acted as sole financial advisor to Cherry Bekaert on the deal
• Michelle Thompson, Cherry Bekaert LLP’s current managing partner, will serve as CEO of Cherry Bekaert Advisory LLC while Collin G. Hill will become the managing partner of Cherry Bekaert LLP
• Parthenon invests in the middle-market services and tech industries.

Parthenon Capital has made an investment in Cherry Bekaert, an assurance, tax and advisory firm. No financial terms were disclosed.

The capital infusion will help enhance Cherry Bekaert’s offerings in its core practices and accelerate the firm’s growth plans.

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, Cherry Bekaert LLP’s current managing partner, will serve as CEO of Cherry Bekaert Advisory LLC while 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, CEO, in a statement. “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.”

Guggenheim Securities, LLC acted as sole financial advisor to Cherry Bekaert while Hunton Andrews Kurth LLP served as legal counsel. Kirkland & Ellis LLP and BakerHostetler LLP served as legal counsel to Parthenon.

With offices in Boston, San Francisco and Austin, Parthenon invests in the middle market services and tech industries.