M&A roundup: Adams Brown, Doeren Mayhew and VSCPA expand

Adams Brown, a Regional Leader based in Wichita, Kansas, has expanded its footprint across its home state by merging with VonFeldt, Bauer & VonFeldt, a firm with offices in Manhattan and Larned, effective Nov. 1. 

The deal will bring the firm's total number of offices to 12 in Kansas and two in Arkansas.

As part of the deal, all 16 of the VonFeldt teammates will join Adams Brown's existing team of 336. VonFeldt's entire leadership team, including Aaron VonFeldt, Houston Pierce, Aaron Koehn, Sarah Johnson, and Kathy Couchman will join Adams Brown in similar leadership roles. Financial terms of the deal were not disclosed. Adams Brown's annual revenue is $43 million, while VBV's annual revenue is $2.5 million.

"We knew we wanted to have a presence in Manhattan, and further strengthen our position in central Kansas," said Adams Brown managing partner and CEO Ben Wilson in a statement Wednesday. "As soon as I met the VBV leadership team, I knew they'd be a great fit for us. Their experience, local roots and shared values resonate greatly with our firm, and we couldn't be more excited to welcome them to the team." 

VBV dates back more than 40 years, and its client base overlaps with many of Adams Brown's industry specialties, including agriculture, construction, health care, municipalities, manufacturing and closely held business. 

"We're excited about the growth and specialization opportunities our teammates now have as part of a larger firm," said VonFeldt in a statement. "Together, we have a unified vision of going above+beyond to enhance the success of both our team and clients." 

"There is a lot of synergy between our firms," said Pierce. "Over the years, other firms have contacted us about a possible merger, and we always said 'no.' We were drawn to Adams Brown's holistic service model and dedication and commitment to serving Kansas communities and local businesses." 

The combination also gives Kansas State University students the chance to work at Adams Brown without having to move to a larger metropolitan area. 

In July, Adams Brown acquired The Technology Specialist Inc., also based in Wichita, and formed Adams Brown Technology Specialists. Adams Brown previously acquired Fortner & Short, also based in Wichita, in 2021.

Doeren Mayhew & Co., a Top 60 Firm based in Troy, Michigan, has acquired Michael Sorrentino's practice from Button Eddy & Sorrentino PLLC, based in Farmington Hills, Michigan.

Doeren Mayhew only acquired one partner's practice from Button Eddy and financial terms are not being disclosed at this time. Doeren Mayhew has more than 95 shareholders with over 550 employees. Sorrentino will be joining the firm, along with three other staffers.

Button Eddy & Sorrentino was founded in 1994 and provides a wide range of tax, auditing, valuation, litigation support and business advisory services to businesses, individuals and nonprofit organizations. Doeren Mayhew was founded in 1932 and ranked No. 54 on Accounting Today's 2023 list of the Top 100 Firms.

"Acquiring similar-minded firms is a big part of our strategic growth plan," said Doeren Mayhew managing shareholder and chairman Chad Anschuetz in a statement Wednesday. "This transaction supports our ongoing expansion efforts to better serve the Michigan market. Michael and his team have done an excellent job building deep relationships with their clients. We're confident they will be great stewards of our client-centric culture." 

Sorrentino has been a partner and member at Button Eddy & Sorrentino and will be bringing his assurance and tax practice to Doeren Mayhew with clients including manufacturers, distributors, contractors, nonprofit organizations, health care providers, and other privately held businesses and individuals. 

"We're excited to see where the future takes us with Doeren Mayhew," Sorrentino stated. "Given our clients' evolving needs, it was necessary to partner with a local firm with expanded capabilities. Doeren Mayhew offers an expansive suite of services and is well-respected in the accounting profession. Having the opportunity to join their team gives us the confidence we will be able to continue meeting our clients' needs well into the future."

Last year, 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.

The Virginia Society of CPAs has acquired Don Farmer CPA PA, a nationally recognized leader in tax education.

Over 40 years, Don Farmer has been providing seminars on federal, corporate and individual income taxation. The VSCPA also offers continuing professional education for CPAs and other accounting professionals, making the merger a natural fit for both organizations. Financial terms were not disclosed.

"CPAs have been educated and entertained by Don for decades. By combining Don's technical expertise with the VSCPA's innovative resources, we will deliver Don Farmer seminars to customers, clients and state societies nationwide," said VSCPA chair Jennifer Lehman in a statement Wednesday. "With the accelerating pace of change in the educational space, the merger will allow the legacy of Farmer seminars to continue while we partner with clients to deliver premier content across the country."

Founder Don Farmer will continue as a VSCPA presenter, author and consultant, and the VSCPA will invest in the future success of Farmer seminars and additional tax education opportunities.

"Working with the VSCPA for so many years, I've seen first-hand the innovative perspective the VSCPA brings to delivering high-quality education," Farmer in a statement. "The VSCPA understands the Don Farmer brand I'm so proud of and will continue to build Don Farmer's national presence and reputation as a high-quality technical education provider. Aligning the Farmer brand with the VSCPA's resources, expertise and ability to work collaboratively with other states ensures accountants will continue to receive the education they need well into the future."

Don Farmer will join the VSCPA's other learning and educational offerings that expand to CPAs, finance and business professionals nationwide, including Essential Ethics courses, EventBlast online event consulting and delivery, conferences and seminars.