PP&Co Partners with Private-Equity-Backed Ascend
The move strengthens the firm’s ability to provide the highest-quality, personalized, service to clients.
San Jose, CA – February 8, 2023 – PP&Co, a leading accounting and consulting firm, is excited to announce its partnership with Ascend, a strategic partner for regional accounting firms backed by private equity firm Alpine Investors. As part of its new age growth platform, PP&Co will continue to operate independently but at the same time have access to a wealth of resources and expertise, empowering the firm to further support clients through enhanced capabilities, expanded service offerings, and the ability to stay ahead of industry trends through more comprehensive and innovative solutions.
Senior Partners David Doolin, Ed Davis, and John Kawamoto, who served as PP&Co’s Managing Partners for the past four years, are inspired by the opportunities resulting from the move. David Doolin, on behalf of the trio, had this to say: “We are very excited to join the Ascend team as their core values align perfectly with ours. Ascend will provide us with the resources and expertise to continue to enhance our ability to serve the clients and community we’ve proudly served for more than 70 years.”
“I’m energized by how Ascend understands the evolving needs of our clientele and employees in this modern world and aims to help us revitalize our industry by addressing those needs,” said Phuong Mayer, recently named CEO of PPCo Advisors LLC. “As CEO, I can ensure we continue to focus on the two things I’m most passionate about – being at the forefront of digital transformation and building robust professional development programs. I strongly believe that if we take good care of our people, they will take good care of our clients. There is no better, more satisfying way to grow.”
Terms of the deal were not disclosed, and PP&Co revenue remains confidential. As is common in private equity deals with CPAs, PP&Co adopted an alternative practice structure under which tax, business advisory, and other non-attest services are provided by a newly established entity, PPCo Advisors LLC, on the Ascend platform. Attest services are provided by a separate, independently owned, and licensed CPA firm, Petrinovich Pugh & Company, LLP. PP&Co’s commitment to providing personalized, attentive service will continue to be the cornerstone of their client relationships.
With offices in San Jose and Santa Cruz, PP&Co is a full-service firm providing planning, consulting, and compliance services. PP&Co professionals endeavor to become true partners with clients, helping to provide clarity around complex financial issues. By building effective strategies and solutions, PP&Co can have a meaningful and transformative impact, helping clients identify and achieve financial goals that give them the freedom to do what’s most important to them.
Ascend empowers entrepreneurial CPAs to reach their goals with an innovative growth model that brings their firms into the new age. Backed by private equity from people-focused Alpine Investors, Ascend is building a modern platform for regional accounting firms that enables them to stay independent while accessing the resources of a large firm to help them grow. Ascend provides access to growth capital, robust talent acquisition, best-of-breed technology, a catalytic leadership system, shared back-office services, and modernized equity incentives so that firms can surmount today’s industry challenges and reach their full potential. Founded in January 2023, the company attained revenues sufficient to qualify it as a Top 50 U.S. accounting firm within ten months of operation. For more information, visit ascendtogether.com.