Doeren Mayhew, a Top 75 Firm based in Troy, Michigan, has acquired Nearman, Maynard, Vallez, CPAs, P.A., a Miami-based firm that exclusively serves credit unions.
Nearman, Maynard, Vallez CPAs, P.A. dates back to 1979 and provides audit and consulting services to more than 170 credit unions across the nation. Its position in the industry has allowed the firm to continually rank in the No. 3 spot on the annual Supplier Market Share Guide: Credit Union Auditors publication from Callahan & Associates.
The firm said the acquisition positions it to secure the No. 1 spot as the leading credit union auditor in the U.S., with over 375 annual audit clients, 500 total credit union clients and 150 professionals dedicated to serving the industry. The practice now accounts for nearly $31 million in annual revenue.
Financial terms of the deal were not disclosed. Doeren Mayhew ranked No. 53 on
Accounting Today's 2024 list of the Top 100 Firms, with $154 million in revenue, 545 employees and 100 principals (equivalent to partners). The deal with Nearman, Maynard, Vallez, CPAs is expected to propel the firm to over $160 million in revenue and a team of 675 professionals. Nearman, Maynard, Vallez, CPAs earned $6 million in revenue and has 27 employees and four partners.
"This acquisition marks another significant milestone in our firm's growth strategy and further solidifies our commitment to the credit union industry," said Chad Anschuetz, managing shareholder and chairman at Doeren Mayhew, in a statement Monday. "We're always looking for additional capabilities to support this growing niche and broaden our national footprint. We look forward to partnering with a firm whose commitment to the credit union industry is as unparalleled as ours."
Doeren Mayhew already has a large Financial Institutions Group practice offering audit, internal audit, accounting, regulatory compliance, lending review, tax and merger advisory services to hundreds of credit unions ranging in size, up to nearly $22 billion in assets.
"Joining forces with Doeren Mayhew is a significant step forward for our team," said Nearman, Maynard, Vallez managing partner Chris Vallez in a statement. "Doeren Mayhew has an excellent reputation in the market, and we feel this provides us a unique opportunity to give our clients access to a broader offering of services, while allowing our employees to benefit from additional professional growth opportunities of a larger firm."
Nearman, Maynard, Vallez CPAs will start operating under the Doeren Mayhew name effective immediately. Its four partners — Chris Vallez, Jennifer Hoskins, Ellen Vargo and Lynn Franzosa, — will join the financial institutions group leadership team, and bring along their employees. The Georgia employees will remain in their current office, while the others are slated to operate out of Doeren Mayhew's Miami office.
"We are excited to welcome the Nearman, Maynard, Vallez team to Doeren Mayhew," said John Murnane, practice leader of Doeren Mayhew's Financial Institutions Group. "Both of our firms have a longstanding commitment to the credit union industry, crossing paths many times over the years. Combining our collective talents will change the accounting landscape in the industry, and create a practice best equipped with the added value and experience to meet the evolving needs of our credit union clients."
Last September, Doeren Mayhew acquired
Michael Sorrentino's practice from Button Eddy & Sorrentino PLLC, based in Farmington Hills, Michigan. The firm also expanded its Financial Institutions Group with the acquisition of
Garcia & Ortiz, P.A.'s SBA consulting practice last year. In 2022, Doeren Mayhew added
Kaplan Merzlak PC, a firm in West Bloomfield, Michigan, and
Beene Garter LLP in Grand Rapids. In 2021, it acquired
Darlene Plumly CPAs to build its presence in Houston, Texas. In 2019, Doeren Mayhew expanded in Houston by acquiring
Thrasher & Associates and
Evans & Chastain.
