BDO boosts presence in northern Belgium with 40-strong Cynex

10 January 2023 Consultancy.eu 2 min. read
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Professional services firm BDO has bolstered its presence in Belgium with the acquisition of Cynex, a 40-strong counterpart based in the northern Limburg region.

The move sees BDO lift its headcount in Limburg from 80 to 120 staff, following the acquisition of what is billed as “the region’s fastest-growing” accountancy and consultancy firm.

Based in Hasselt, helps mid-sized businesses and entrepreneurs with accountancy, taxation, financial advisory and legal services. “We started as financial consultant focused on preparing business plans, banking cases and budgets. Today, we are multi-disciplinary financial consultancy firm with broad expertise across topics,” said Kris Verhees and Wesley Clemens, partners at Cynex.

BDO boosts presence in northern Belgium with 40-strong Cynex

“By acquiring Cynex, we continue to increase our standing in financial and fiscal services in Limburg,” said Peter Van Laer, CEO of BDO in Belgium. “Its’ another step in our growth story,” he added, pointing at the firm’s strong growth over the past years – when Van Laer took the reins in 2019, the firm had 750 staff; two years on, BDO counts 950 staff.

Dirk Vandendaele, Managing Partner Accounting & Reporting at BDO in Belgium, added: “With Cynex, we bring on board a close-knit and dynamic team appreciated by entrepreneurial Limburg. Together, we will anchor ourselves even more strongly in the Limburg business community.”

In 2021, BDO closed two deals to accelerate its growth: in Antwerp, the firm acquired accountancy firm Beirens and Wellens, and in Hainaut, a partnership was signed with Dekegeleer.

While working together closely, BDO and Cynex will continue to operate from their existing offices at Prins Bisschopsingel and Herkenrodesingel in Hasselt.

Verhees and Clemens on the deal: “We’ve been approached several times in recent years by different players in the market, but our discussions with BDO immediately felt right to us. BDO’s warm environment and our shared values and ambitions were the deciding factors for us to partner with them.”