Yount, Hyde and Barbour acquires Woodcock & Associates PC
Woodcock & Associates specializes in construction accounting.
Winchester-based accounting and consulting firm Yount, Hyde and Barbour (YHB) has acquired Fredericksburg-based accounting firm Woodcock & Associates PC, YHB announced late last week.
Financial terms of the acquisition were not disclosed.
Woodcock & Associates specializes in construction accounting and has worked with clients in the Greater Washington-Richmond corridor since 2000. The firm provides assurance, outsourced CFO and management advisory services.
“Woodcock & Associates has been an invaluable resource to clients in the construction industry since its founding,” Scott Moulden, managing partner of YHB, said in a statement. “We expect the Woodcock team’s capabilities to enhance our already rapidly expanding construction industry niche.”
As a result of the acquisition, YHB will now have eight offices, including Woodcock & Associate’s Fredericksburg office at 1320 Central Park Blvd., Suite 405. YHB also has offices in Culpeper, Glen Allen, Leesburg, Middleburg, Richmond and Roanoke.
“Both YHB and Woodcock have had a friendly relationship for many years,” said Jeanette Woodcock, managing partner and president of Woodcock & Associates. “We knew the quality of work and relational approach they took to delivering client service.”
The acquisition will add Woodcock & Associate’s 12 total staff — including two partners— to YHB’s current 170-person staff, with 30 partners. During the merger, Woodcock & Associates staff will continue to serve clients out of its current office.
As of Jan. 17, Woodcock & Associates had $1.8 million in annual revenue and YHB had $27.9 million.