Cheyenne, WY-based CPA firm McGee, Hearne & Paiz (MHP) is the newest member of Ascend, a private equity-backed platform that partners with regional accounting firms but allows them to stay independent while providing the firms resources to help them grow, effective Feb. 1.
Financial terms of the deal weren’t disclosed. The firm adds 80 professionals, including 11 partners, to Ascend’s team.
“From our very first conversation with the partners at MHP, I was very impressed with the way they strived to see around corners,” Ascend founder and CEO David Wurtzbacher said in a statement. “Here is a firm with young partners, a caring and growth-minded culture, and a longstanding reputation in their market where leadership looks out into the future of the industry and sees that their full potential can be amplified and realized only if they surround themselves with the right support model. This is a great firm, so they deservedly had many suitors. But Ascend has a differentiated model and a lot of progress to point to that it is working.”
Backed by private equity from Alpine Investors, Ascend provides its member firms access to growth capital, talent acquisition and training, best-of-breed technology, artificial intelligence tools, an offshore captive, shared back-office services, a catalytic leadership system, and modernized equity incentives.
“The world of public accounting is experiencing rapid change, and we identified a need to more proactively navigate challenges like attracting and retaining top talent, addressing the disruptive technology changes within our industry, and scaling our back-office to support growth,” said Brandy Marrou, now CEO of MHP Advisory Services.
Founded in the 1930s, MHP is the largest regional accounting firm in Wyoming. The firm specializes in trust planning and management, government, construction and real estate, health care, and not-for-profits, providing a full range of audit, accounting, tax, advisory, and consulting services to individuals, trusts, and closely held businesses. In addition to Cheyenne, MHP also has an office in Fort Collins, CO.
As is common in private equity deals with CPA firms, MHP has adopted an alternative practice structure separating non-attest and attest services. Tax and business advisory services will be provided by MHP Advisory Services LLC, a new entity affiliated with Ascend. Attest services will be provided by McGee, Hearne & Paiz LLP, an independently owned and licensed CPA firm.
“The resources that we now have access to through Ascend will allow MHP to meet these challenges head on, but what initially drew us to Ascend was their people-first focus,” Marrou said. “Through this partnership, we will provide our people with broader access to professional development opportunities, cutting-edge technologies, and national resources, all of which will enhance our client service capabilities. We are extremely proud of our firm’s legacy, community stewardship, and client service focus, all of which remain unwavering commitments of our firm’s leadership. Our partnership with Ascend will allow us to stay true to our Wyoming roots and maintain our independence and strong community presence while providing us the infrastructure, resources, and technology to take our client service to the next level and meet the growing demand for services.”
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Tags: Accounting, Ascend, Mergers and Acquisitions
