Arlington, Va.-based Ascend, a partner for regional accounting firms supported by private equity firm Alpine Investors, announced its entry into Wyoming with the addition of Cheyenne-based IPA 400 firm McGee Hearne & Paiz (MHP) (FY23 net revenue of $16.2 million) as its newest platform firm. MHP joined Ascend on Feb. 1.
“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 M. Marrou, now CEO of MHP Advisory Services.
“From our very first conversation with the partners at MHP, I was very impressed with the way they strived to see around corners. 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,” said David Wurtzbacher, Ascend’s founder & CEO.
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 firm adds 80 professionals, including 11 partners, to Ascend’s team. Terms of the deal were not disclosed.
