Ascend, a private equity-backed accounting firm, added McGee, Hearn & Paiz in Cheyenne, Wyoming, to expand its Western geographic footprint.
MHP, which joined Ascend on Feb. 1, adds 80 professionals, including 11 partners, to Ascend's team. Terms of the deal were not disclosed.
"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," Brandy Marrou, now-CEO of MHP Advisory Services, said in a statement.
MHP was founded in the 1930s and is the largest regional accounting firm in Wyoming. It specializes in trust planning and management, government, construction and real estate, health care, and not-for-profits, providing audit, tax, advisory and consulting services to individuals, trusts and businesses. The firm also has an office in Fort Collins, Colorado.
"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."
MHP has adopted an alternative practice structure, as is common among these kinds of private equity deals, 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."
Ascend is backed by private equity firm Alpine Investors and works with regional accounting firms with between $15 and $50 million in revenue. It ranked No. 59 on Accounting Today's
Since its launch at the start of 2023, it has made a significant number of investments, including
