Top 100 accounting firm Brown Edwards announced Dec. 2 that it has acquired Shelton & Co. CPAs, a Lynchburg, VA-based accounting practice that has served the construction industry for more than 30 years.
Financial terms of the deal weren’t disclosed.
This is Roanoke, VA-based Brown Edwards’ second M&A deal in less than a month. It acquired Virginia Beach, VA-based DesRoches & Co., an accounting firm that has served the Hampton Roads community for nearly 40 years, in mid-November.
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This most recent acquisition will add eight people from Shelton, including three Certified Construction Industry Financial Professionals, to Brown Edwards, bringing its total to 56 partners and a staff headcount of 465, according to Virginia Business.
“This strategic partnership brings a team of experienced professionals into our firm, led by Chad Maddox, CPA, CVA, CCIFP, CCA; Mark Carlson, CPA, MBA; Chad Gunter, CPA, CCIFP; and Mason S. Brugh, CPA, CCIFP, CCA, CCP, who have continued Fred Shelton’s legacy of excellence since his retirement,” Brown Edwards wrote in a blog post on Tuesday. “With the expansion of our Lynchburg office, we’re better positioned than ever to serve construction clients throughout Central Virginia and beyond with the same personalized attention they’ve come to expect, backed by the resources of a larger firm.”
Brown Edwards is consistently ranked as a top 50 construction accounting firm by Construction Executive Magazine and is among the top 10 firms in the country for credentialed construction specialists.
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Brown Edwards said in its blog:
The addition of Shelton & Company’s decades of specialized expertise—including three more CCIFP-certified leaders—further deepens our bench strength in this complex specialty area.
Construction accounting requires mastery of intricate revenue recognition rules and job cost accounting methods. While many firms serve construction clients, few have dedicated the resources necessary to make it a major practice area. Both Brown Edwards and Shelton & Company share that commitment, and together we’ll deliver even more comprehensive solutions to contractors across our expanded footprint.
Shelton & Company’s established relationships with key professionals in the bonding and banking industries—and their deep understanding of how to bridge the gap between construction companies and the financial sector—complement our team’s extensive involvement in industry associations, including Construction Financial Management Association (CFMA), Virginia Transportation Construction Alliance (VTCA), Associated Builders and Contractors (ABC), Associated General Contractors of Tennessee, Virginia, and North Carolina, and many others.
In addition, Brown Edwards brings additional services to Shelton & Company clients to support growth:
- Outsourced Accounting and Advisory Services – Scalable solutions for bookkeeping, payroll, and controller-level support to help you manage operations and make informed decisions.
- Wealth Management & Real Estate Advisory – Expanded offerings to help you plan for the future and maximize your investments.
- Retirement Plan Services – Design and manage retirement plans that align with your goals, whether you’re starting from scratch or optimizing an existing plan.
We’re excited about the opportunities this acquisition creates for our clients, our team members, and the communities we serve. Fred Shelton built his firm on the belief that exceptional client service and specialized expertise go hand in hand—values that align perfectly with our own commitment to integrity, excellence, and unwavering dedication to client success.
In a statement, Brown Edwards CEO Laura Sprouse said she was “thrilled” to welcome the Shelton team.
“Their deep expertise in construction accounting and strong client relationships align perfectly with our mission to provide exceptional service and innovative solutions,” she said. “Together we will deliver even greater value to all our clients through expanded services and deeper resources.”
“Joining forces with Brown Edwards marks an exciting new chapter for us,” Maddox added. “Their resources and expertise will allow us to continue delivering the personalized service our clients value and what they have come to expect while expanding the opportunities and expertise we can offer.”
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