Troy, Mich.-based IPA 100 firm Doeren Mayhew (FY23 net revenue of $137.4 million) has entered into an alternative practice structure with Boston-based Audax Private Equity (Audax), an alternative investment manager and capital partner to middle market companies, to support the firm’s future innovation and growth.
The firm announced that Audax’s investment provides additional capital to help Doeren Mayhew accelerate its growth and invest in improving the firm’s service offerings, technology infrastructure, and employee and client experience. The firm will also look to make acquisitions to expand its geographic footprint.
Terms of the transaction, expected to close in September, were not disclosed. The firm’s current leadership team will remain in place and continue to manage operations as well as provide the strategic direction for the firm.
“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.”
Doeren Mayhew will operate under an alternative practice structure, with Doeren Mayhew Assurance providing attest services as a licensed CPA firm, and Doeren Mayhew Advisors providing business advisory, tax and non-attest services. Collectively, these entities and the subsidiaries will continue under the brand name Doeren Mayhew.
“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, which has approximately $19 billion of assets under management.
Doeren Mayhew, ranked No. 53 in IPA’s latest rankings, has roots reaching back to the 1930s.
