Cherry Bekaert Enters Austin Market with Strategic Acquisition

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Powell, Ebert & Smolik, PC joins top 25 accounting firm Cherry Bekaert.

Danny Powell will serve as Managing Partner of Cherry Bekaert's new Austin practice.

Nationally acclaimed consulting and accounting firm Cherry Bekaert LLP (“the Firm”) is pleased to announce 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 Four 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 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.”

Cherry Bekaert welcomes Danny Powell, Bob Schriber and Jim Smolik as Partners. The professional staff of PES will continue to operate at the Bank of America Tower, 515 Congress Avenue, in downtown Austin.

About Cherry Bekaert LLP
As a nationally recognized, growth-oriented firm, Cherry Bekaert has the resources to take your business as far as you want to go. The Firm's industry specialists already know your marketplace, so they can help you make the most of emerging opportunities while minimizing compliance headaches. With our down-to-earth style and wealth of practical advice, you will find Cherry Bekaert an indispensable part of your team.

Ranked among the largest accounting firms in the country, Cherry Bekaert offers specialized solutions that help advance our clients' business goals. For 70 years, global corporations, private businesses, government entities, nonprofits, emerging firms, start-ups and successful individuals have relied on Cherry Bekaert to guide them forward as their growth advisor.

Cherry Bekaert LLP is an independent member of Baker Tilly International. Baker Tilly International is the world’s 8th largest accountancy and business advisory network by combined fee income of its independent members. Baker Tilly International member firms specialize in providing accountancy and business advisory services to entrepreneurial, growing businesses and mid-market listed corporates worldwide. | cbh.com

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August P. Keller III
@CherryBekaert
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