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Since Covid-19 began sweeping the globe, declines in North American M&A have been swift, with deal totals in the first half of 2020 sinking to some of the lowest in recent memory. Investor sentiment has sunk with them and most participants in our research say they are putting M&A on hold until the Covid-19 crisis is resolved. While most respondents say they will be decreasing investments into North America in the year ahead, there are holdouts who say they will stay the course or even increase deals, betting that the pandemic is a temporary dampener and hopeful that North America will recover strong.
According to some reports, last week America recorded more than 75,000 new cases daily – five times the rate of all Europe. One thing is clear, explains Fred Kostecki, managing partner in St. Louis and the network’s North American Regional Chair. Economic recovery, within the United States and the wider North American region, is totally dependent on the region’s ability to control the virus.
Cherry Bekaert acquires CoNexus CPA Group
Baker Tilly network member Cherry Bekaert LLP has announced the acquisition of CoNexus CPA Group, a certified public accounting firm based in Atlanta, Georgia. Since 2015, the CoNexus team has delivered a comprehensive suite of tax, assurance and advisory services to families and closely held businesses to help them achieve their personal and business goals.
"At Cherry Bekaert, we are making strategic choices to expand in key growth markets," explains Michelle L. Thompson, Chief Executive Officer and Firm Managing Partner.
"The CoNexus CPA Group brings a strong background in accounting and tax disciplines along with a track record of success in the technology and real estate industries as well as in private wealth, which are all areas of specialisation for Cherry Bekaert. We are pleased to welcome the CoNexus team to our firm and we look forward to strengthening our presence in the Greater Atlanta area. We will deliver deeper industry expertise to help solve our clients’ most pressing challenges."
Cherry Bekaert entered the Greater Atlanta market in 2000 and, with the addition of the CoNexus team, the firm’s practice now includes 14 partners, nearly 100 CPAs and more than 140 associates, and ranks among the top ten largest CPA and consulting firms in the area.
"We are pleased to join the Cherry Bekaert team," commented Jeff Horsley, former CoNexus Partner. "Together, we’ll use our industry expertise and advanced tools and systems to create exceptional value for clients in the most efficient and effective ways possible."
This latest acquisition comes just over a month after the firm announced on 1 July 2020 that it had strengthened its presence in the Austin market with the acquisition of PMB Helin Donovan. Read the full news release here.
This release first appeared on www.cbh.com on 3 August 2020 and has been published with the author's permission.