Private-equity firm Alpine Investors has launched Ascend, a new platform to partner with entrepreneurs, and named its first investment, in the nonattest business of Opsahl Dawson, an accounting firm in the Pacific Northwest.
Under the Ascend model, Alpine aims to make strategic investments in regional accounting firms, which will remain independent and gain access to capital for investments in talent, mergers and acquisitions, technology and other elements of their growth strategies.
"Ascend is entering the industry at an all-important time, as firms face talent shortages, succession issues and a need for capital," said David Wurtzbacher, founder and CEO of Ascend, in a statement. "Entrepreneurial CPAs who want to bring their firms into the future find themselves facing two less than ideal options today: Maintain their traditional partnership structure, which limits their ability to retain talent and invest in growth, or merge up and lose their independence and leadership role. We are pioneering a better model that empowers CPAs to reach their goals while preserving the culture and feel of their local firm."
Vancouver, Washington-based Opsahl Dawson was founded in 1979, and currently has six shareholders and 68 employees.
As with many other firms that have taken on PE investments, the firm will split into two entities: Opsahl Dawson & Co. PS, an independently owned and licensed CPA firm that will provide attest services, and Opsahl Dawson & Co. Advisors LLC, which will provide tax and business advisory services in an alternative practice structure.
"With Ascend as our partner, we can now expand our reach," said managing shareholder Aaron Dawson, in a statement. "I am confident that we will far exceed any growth goals I had ever envisioned achieving alone and this will translate into wonderful career opportunities for our current and future team members. It will be a thrill to team up with the best firms in the country, break barriers and lead accounting into the next generation together."
Ascend said that it is looking to partner with other strong regional firms with "growth-minded" leaders; it is targeting practices with between $10 million and $50 million in revenue from small and midsized businesses.
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