Top 60 accounting firm Doeren Mayhew said on Monday that it has positioned itself to be the No. 1 credit union auditing firm in the country after acquiring Miami-based CPA firm Nearman, Maynard, Vallez.
Financial terms of the deal weren’t disclosed. Nearman, Maynard, Vallez CPAs’ four partners— Chris Vallez, Jennifer Hoskins, Ellen Vargo and Lynn Franzosa—are now principals at Doeren Mayhew and, along with their employees, will join the firm’s Financial Institutions Group practice. The Georgia employees of Nearman, Maynard, Vallez CPAs will remain in their current office in Fayetteville, while the others are slated to operate out of Doeren Mayhew’s Miami office.
Doeren Mayhew’s Financial Institutions Group practice provides a range of audit, internal audit, accounting, regulatory compliance, lending review, tax, and merger advisory services to hundreds of credit unions nationwide ranging in size up to nearly $22 billion in assets.
Founded in 1979, Nearman, Maynard, Vallez, CPAs has exclusively served the credit union industry providing audit and consulting services to more than 170 credit unions across the nation. The firm continually ranks in the No. 3 spot on the annual Supplier Market Share Guide: Credit Union Auditors publication made available by Callahan & Associates, according to Doeren Mayhew.
Doeren Mayhew said this acquisition will secure the No. 1 spot as the leading credit union auditor in the U.S., with more than 375 annual audit clients, 500 total credit union clients, and 150 professionals who serve clients in the industry. The practice now accounts for nearly $31 million in annual revenue.
“This acquisition marks another significant milestone in our firm’s growth strategy and further solidifies our commitment to the credit union industry,” Chad Anschuetz, managing shareholder and chairman at Troy, MI-based Doeren Mayhew, said in a statement. “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.”
Joining forces with Doeren Mayhew is a significant step forward for the Nearman, Maynard, Vallez, CPAs team, Chris Vallez said.
“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,” he added.
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