Accounting firm Troy Doeren Mayhew & Co. PC has expanded its reach in the West Michigan market through acquisitions.
The accounting firm — the ninth-largest in the state last year, according to Crain data — announced in a press release Thursday that it had completed the acquisition earlier this month of Beene Garter LLP from Great Rapids. Financial terms of the acquisition were not disclosed.
The agreement with Beene Garter adds approximately 100 employees, including 15 partners, to Doeren Mayhew’s workforce, which now has more than 500 employees in nine offices in the United States and Europe.
Prior to the merger, Doeren Mayhew had revenues of around $95 million, while Beene Garter’s revenues were around $18 million, according to a Doeren Mayhew spokesperson.
The agreement notably allows Doeren Mayhew to tap into Beene Garter’s practice in the food and agribusiness sector, as well as state and local tax matters, according to the release. Beene Garter clients will have access to “non-traditional CPA services” such as investment banking, real estate advisory and cybersecurity, the statement said.
“Doeren Mayhew is making strategic choices to grow in the right markets, with the right partners to fuel our ambitious five-year growth plan. This acquisition does exactly that,” said Chad Anschuetz, managing shareholder and chairman of Doeren Mayhew, in the statement. . “Beene Garter is a great fit for us. The company brings deep industry experience and technical expertise to complement our own, as well as a rich history and strong roots in the West Michigan market.”
Beene Garter’s office in Grand Rapids will operate as Beene Garter, A Doeren Mayhew Firm for a period of transition and will eventually change to the Doeren Mayhew name.
“We have always been focused on serving our customers and helping them achieve their business goals. I am proud of the business we have built, and Doeren Mayhew is the right company to partner with for our future and our customers,” said Beene Garter Partner Thomas Rosenbach. “We can continue the close relationships we have with our customers while providing them with greater access to resources and services. It’s all about mutual success.”
Much like in other industries, mergers and acquisitions activity has been scorching in the CPA space as companies seek greater scale, according to a report late last year by Reuters.
“Companies are merging fast and furiously to expand geographically and expand their products and services,” Allan D. Koltin, CEO of consulting firm CPA Koltin Consulting Group, told the news service. “As a result, there are more great companies in our profession today than ever before. When you get to a point in your growth between $100 million and $200 million, it’s like [getting] a target on your back. You must continue to grow. This company is ruthless. If you don’t continue to grow, you can’t continue to recruit and retain great talent. They’re going somewhere else.”