Brown Edwards acquires Lynchburg-based accounting firm

Roanoke-based accounting firm Brown Edwards announced Tuesday that it has acquired Lynchburg accounting practice Shelton & Co., which specializes in construction.

The financial terms of the deal were not disclosed. According to a Brown Edwards spokesperson, the acquisition will add eight people from Shelton — including three certified construction industry financial professionals — to the firm, bringing its total to 56 partners and a staff headcount of 465.

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,” Sprouse said. “Together we will deliver even greater value to all our clients through expanded services and deeper resources.”

Fred C. Shelton Jr. founded Shelton & Co. in 1991 to provide public accounting services to the construction industry. The firm developed a clientele of contractors across Virginia and the mid-Atlantic​ and later established relationships in the bonding and banking industries.

Shelton’s leadership team, including managing director Chad Maddox, Mark Carlson and Chad Gunter, will join Brown Edwards as partners. ​​A spokesperson said they will continue to serve their clients while enhancing the construction-related accounting services offered by Brown Edwards.

“Joining forces with Brown Edwards marks an exciting new chapter for us,” Maddox said in a statement. “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.”

Shelton’s clients will continue to work with their existing teams while also gaining access to Brown Edwards’ resources.

Last month, Brown Edwards announced it had acquired Virginia Beach-based DesRoches & Co., adding 25 associates to the firm.

Brown Edwards reported approximately $88 million in fiscal 2024 revenue. In 2024, the firm ranked No. 69 in Inside Public Accounting’s Top 500 CPA firms ranking, which is based on net revenue. Forbes named it to the 2023 America’s Best Tax and Accounting Firms list.