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Ascend Expands Western Presence with Addition of McGee, Hearne & Paiz
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Subscribe05 FEB 2025 / M&A UPDATES
Ascend, backed by Alpine Investors, expands into Wyoming by adding local accounting firm McGee, Hearne & Paiz (MHP) to its platform. The move allows Ascend to enhance its capabilities, reaching more clients with MHP's specialized services in various sectors including government, healthcare, and not-for-profits, and aims to address industry challenges such as attracting talent and adopting disruptive technologies.
Ascend, a strategic partner for regional accounting and advisory firms backed by private equity firm Alpine Investors, has announced its expansion into Wyoming through the addition of Cheyenne-based McGee, Hearne & Paiz (MHP) as its newest platform firm, effective February 1, 2025.
MHP, established in the 1930s, is recognized as the largest regional accounting firm in Wyoming, offering a comprehensive range of audit, accounting, tax, advisory, and consulting services to individuals, trusts, and closely held businesses. The firm specializes in sectors such as trust planning and management, government, construction and real estate, healthcare, and not-for-profits. In addition to its Cheyenne headquarters, MHP operates an office in Fort Collins, Colorado.
In alignment with common practices in private equity deals involving CPA firms, MHP has adopted an alternative practice structure to delineate non-attest and attest services. Tax and business advisory services will be delivered by MHP Advisory Services, LLC, a new entity affiliated with Ascend, while attest services will be provided by McGee, Hearne & Paiz, LLP, an independently owned and licensed CPA firm.
This strategic move adds 80 professionals, including 11 partners, to Ascend's team, further strengthening its capabilities and regional presence. The terms of the deal have not been disclosed.
Brandy M. Marrou, now CEO of MHP Advisory Services, emphasized the evolving landscape of public accounting, stating, "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."
David Wurtzbacher, Ascend's Founder & CEO, expressed his admiration for MHP's forward-thinking approach: "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 partnership reflects Ascend's commitment to empowering regional accounting firms to remain independent while accessing the sophisticated resources of a national firm, thereby enhancing their growth potential and service offerings.
Until next time…
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