26 AUG 2024 / M&A UPDATES

Doeren Mayhew Partners with Audax Private Equity

- MYCPE ONE Insights Team

Summary

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Troy-based accounting firm Doeren Mayhew has partnered with Boston-based investment manager Audax Private Equity to foster growth, enhance services, and support technological advancements and client experience. Through the partnership, Doeren Mayhew is set to accelerate its growth plans by leveraging capital investment from Audax, improving its tech infrastructure, enriching employee and client experiences, broadening its service portfolio, and making strategic acquisitions to expand geographically.

Troy, Michigan-based Doeren Mayhew, a firm with FY23 net revenue of $137.4 million, has entered into a strategic partnership with Boston-based Audax Private Equity (Audax), a prominent investment manager focused on middle-market companies. The collaboration aims to propel Doeren Mayhew’s growth, enhance service offerings, and support the firm’s technological and client experience innovations.

Investment to Fuel Expansion and Technological Advancement

Through Audax’s capital investment, Doeren Mayhew plans to accelerate its growth trajectory, focusing on improving technology infrastructure, enriching the employee and client experience, and broadening its service portfolio. In addition, the firm intends to leverage this new partnership to expand its geographic presence by pursuing strategic acquisitions. Expected to close in September, the transaction’s terms were not disclosed. However, Doeren Mayhew’s current leadership will continue managing daily operations and providing strategic direction.

“The accounting profession is transforming at a rapid pace. Continuing to be a leader that can drive client value and present more attractive employee opportunities requires us to pave a path forward to evolve quickly,” said Chad Anschuetz, chairman and managing shareholder at Doeren Mayhew. “We believe Audax is the right strategic partner to help us achieve that and keep the Doeren Mayhew legacy alive. They bring the experience, resources, and a proven track record in the financial services sector that we’re confident will position us to execute our strategic initiatives focused on client and employee success.”

Adopting an Alternative Practice Structure

Doeren Mayhew will operate under an alternative practice structure, segmenting its services between two main entities: Doeren Mayhew Assurance, which will provide attest services as a licensed CPA firm, and Doeren Mayhew Advisors, offering business advisory, tax, and non-attest services. Both entities and their subsidiaries will continue under the Doeren Mayhew brand, ensuring a cohesive identity and unified commitment to client excellence.

“Doeren Mayhew has an excellent reputation in the industry. The leadership team has built a unique platform, pairing deep sector-specific expertise with a commitment to client service,” said Bill Allen, managing director at Audax. “The firm has demonstrated a strong track record of driving both organic and inorganic growth,” added Adam Abramson, a partner at Audax. “We look forward to partnering with them to continue building on their momentum.”

A Legacy of Growth and Industry Expertise

With roots dating back to the 1930s, Doeren Mayhew has established itself as one of the largest CPA and advisory firms in the United States, securing the No. 53 spot in INSIDE Public Accounting’s latest Top 100 list. Over the past two decades, the firm’s growth has been driven by talent development, service diversification, and strategic mergers and acquisitions. This new partnership with Audax positions Doeren Mayhew to further enhance its industry standing by advancing both its service capabilities and geographic reach.

Through this partnership, Doeren Mayhew reinforces its legacy of client and employee-focused excellence, positioning itself for a future of sustained innovation and growth.

Until next time…

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Doeren Mayhew Partners with Audax Private Equity

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