CBIZ Sells Its Financial Services Practice to Cherry Bekaert

CBIZ_2014Cleveland-based CBIZ (FY14 net revenue of $600 million) has sold its financial services practice in Bethesda, Md., to Richmond, Va.-based Cherry Bekaert (FY15 net revenue of $143.8 million), effective Aug. 1.

“Our Bethesda financial services practice was relatively small for a large nationally recognized professional business service provider and not of sufficient size and scope to fully capitalize on the market opportunities that exist in the Baltimore/Washington D.C. metropolitan market,” says Steven L. Gerard, CBIZ chairman and CEO. “This transaction allowed us to place our existing staff and clients with a firm where their needs will be better met.”

The staff and directors say they are now part of Cherry Bekaert’s Washington-area practice, based in Tysons Corner, though they will remain in the same offices, the Washington Business Journal reported.

“This isn’t the first time the parties have crossed paths. The acquisition comes about 10 months after CBIZ closed its Miami location, citing insufficient scale and resources at that office. At least two partners and 23 CBIZ associates there joined Cherry Bekaert in the process,” the newspaper said.