UHY Gains Key Investment for Expansion from Summit Partners

UHY LLP’s New York Minute: Growth and Expansion

In the fast-paced world of accounting, tax, consulting, and advisory services, Farmington Hills, Mich.-based UHY LLP, one of the IPA 100 firms, isn’t resting on its laurels. With fiscal year 2023 net revenue pegged at a cool $346.6 million, this firm is moving and shaking like a local at rush hour. But what’s got everyone talking is their recent power move—a growth investment from none other than Summit Partners.

Fast-Tracking Growth With Summit Partners

So, what’s the scoop? This investment isn’t just to keep the lights on; it’s a full throttle push to expand UHY’s team, tech game, and how they serve their clients. The investment is just the espresso shot needed to amp up both organic growth and mergers and acquisitions with the speed and precision of a NYC taxi.

Words from the Top:

Steve McCarty, the brain behind it all at UHY, mentioned, “This partnership marks the beginning of a new and expanded era of growth." He makes it sound like they’re rebooting into a blockbuster sequel. McCarty emphasized that with Summit’s backing, they’re focused on, “scaling our impact while continuing to deliver the highest-quality service." It’s like they’re upping their game in the middle market arena, setting new standards like a perfectly crafted pastrami on rye.

UHY’s Expansion Strategy

Over the last four years, UHY has been on a whirlwind of acquisitions. Think 15 completed buys expanding their global network—each one adding another floor to their skyscraper of high-growth industry clients. With this track record, it’s no shocker they’ve solidified their place as a top-notch firm built on a reputation for client service and innovation.

According to Paul Furer from Summit Partners, “UHY has established itself as a highly respected, market-leading accounting, tax, consulting, and advisory services firm.” Summit must feel like they’ve snagged a front-row seat at a sold-out Broadway show.

The Partnership and Future Prospects

Furer, who has cozied up with UHY’s board, highlighted his admiration for UHY’s knack for juggling strong organic growth while turbocharging their strategic acquisitions. He didn’t hold back, expressing his excitement to partner with UHY, supporting their continued expansion’s curtain call.

Spotlight on Service:

UHY isn’t just another face in the crowd, they’re consistently lauded for their quality of service and client satisfaction. McCarty added, “This is a testament to our service-focused team and the culture of excellence we’ve created.” It’s almost as if they’ve won the Oscar for best accounting firm—terms of the transaction, however, remain under tight wraps like a family recipe.

Looking Ahead: More Than Just Dollars and Cents

Though the official terms are confidential, this deal is set to make waves in the accounting world faster than you can hop on the subway. We’re talking a blend of skillful management and market foresight, with Summit Partners contributing their expertise in operational excellence to the mix. It’s clear as a cab’s honking in Times Square that this alliance aims to bolster UHY’s stature and expand their reach far beyond Farmington Hills.

Expect a ripple effect that enhances client relationships while pushing for new peaks in service standards. This partnership is not just about numbers; it’s about crafting a legacy in the dynamic middle market. With both parties raring to go, stay tuned as they roll out strategic initiatives, marking a new epoch in UHY’s robust narrative. They might be based in Michigan, but UHY’s story has the kind of ambition that feels right at home in the Big Apple.