Cherry Bekaert Acquires Cordia Partners and Cordia Resources
September 13, 2023
- Acquisition broadens Cherry Bekaert’s Outsourced Accounting Services offerings
- Introduces Executive Search, Recruiting and Temporary Staffing offering to Cherry Bekaert’s portfolio
Cherry Bekaert (the Firm) is pleased to announce the acquisition of Cordia Partners and Cordia Resources (Cordia). Cordia Partners is a full-service provider of outsourced accounting, business advisory, technology, and business process consulting services. Cordia Resources provides recruiting and staffing solutions for local and national clients. Combined they have over 250 employees and approximately $48 million in total annual revenue.
“Cordia provides a prime opportunity for us to expand our offerings and strengthen our practice in the Washington, D.C. metro area,” said Michelle Thompson, Chief Executive Officer, Cherry Bekaert Advisory LLC. “Cordia Partners significantly boosts our client accounting services capabilities and capacity, while Cordia Resources brings a completely new additive recruiting service to our current offerings. We look forward to working with Cordia to provide our clients with the best technical and financial support possible.”
Cordia has three offices in the Washington, D.C. metro area, strengthening Cherry Bekaert’s position in the market and supporting local growth across service lines. Cordia Partners brings leadership and operational expertise to the Firm through their outsourced accounting and advisory services. Cordia Resources provides recruiting and staffing solutions to Cordia Partners’ clients, in addition to currently serving mid-to-large size companies in the metro area. These services will create a new service line for Cherry Bekaert that will benefit both firms’ clients.
“The services offered by Cordia complement those of Cherry Bekaert. This synergy affords our clients the opportunity to access an expanded and innovative range of service offerings,” said Mitchell Weintraub, CPA, Co-Founder and Managing Partner of Cordia Partners. “Furthermore, this acquisition will enable our team to develop fresh skills and foster new connections, leading to the creation of mutually beneficial achievements. We look forward to growing with Cherry Bekaert and are confident that this is a win-win situation for our teams and the clients we serve.”
Cherry Bekaert expects this strategic merger will enable financial leaders and business owners to propel their businesses forward with the precision of outsourced accounting services, the reliability of best-in-class financial technology alliances, and the capability to address talent needs through a new recruiting and staffing arm.
“Embracing the power of outsourced accounting services isn’t just a decision; it’s a paradigm shift. By entrusting financial intricacies to dedicated professionals, organizations can release their potential and focus on what matters most to them: innovation and growth,” said Srikant Sastry, Advisory Leader at Cherry Bekaert Advisory LLC. “Building on our existing client accounting services with the addition of staffing capabilities, we meet this need—creating sustainable value for our clients.”
“We are enthusiastic about the synergies that will arise from this acquisition for the benefit of our clients. Joining Cherry Bekaert allows us to harness their expertise and incorporate their service offerings, enabling us to support additional client needs. Simultaneously, our recruiting and staffing services will result in an enriched range of offerings for their clientele,“ said Joseph F. Greeves, CPA, Co-Founder, Cordia Partners and Managing Partner, Cordia Resources.
Clearsight Advisors, Inc. acted as sole financial advisor to Cordia.