Plante Moran is beefing up its construction industry practice by merging in Stuart Franey Matthews & Chantres P.C., a Michigan firm that focuses on contractors.
The merger, which was announced Monday, took effect on January 1. SFM&C has already relocated from its office in Farmington Hills, Mich., to Plante Moran’s headquarters in Southfield, Mich. Financial terms were not disclosed, but SFM&C is expected to add approximately $2.5 million in annual revenue to Plante Moran’s annual revenue of $300 million. Plante Moran ranked 12th on Accounting Today’s 2011 list of the Top 100 Firms.
Partners Ken Franey, Ron Chantres, Mike Nordquist and Phil Pflugh of SFM&C are joining Plante Moran as part of the deal, along with 12 other staff members from their firm. However, Franey and Chantres plan to retire in the next few years.
“We’ve long admired their firm because they have a real expertise in contractors and the construction industry,” said Plante Moran managing partner Gordon Krater. “That’s the bulk of their client base. We have a very active construction industry focus with our firm, so it was a natural fit. They have excellent clients and excellent staff, and that’s what made this come together. As an aside, the son of the managing partner of their firm is a new partner at Plante Moran, so we knew them through that connection too. We didn’t have to wonder too much about them or them about us.”
SFM&C dates back to 1976. “We’re thrilled to join a nationally recognized firm like Plante Moran,” Franey said in a statement, “This merger enables us to offer Plante Moran’s impressive array of services to our clients and provide new growth and development opportunities to our staff.”
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