UHY Scores Major Investment to Boost Growth in Farmington Hills
In an exciting development for business in Farmington Hills, accounting and consulting firm UHY has announced a new growth investment from Summit Partners, a Boston-based investment firm known for its focus on scaling companies. This partnership marks a significant milestone for UHY as it represents the firm’s first foray into institutional capital.
What Does This Investment Mean for UHY?
While the exact terms of the deal remain under wraps, this funding is intended to help UHY continue its upward trajectory. Aiming to enhance its team, technology, and client service offerings, the investment will support both organic growth and acquisitions. Over the past four years, UHY has successfully completed 15 strategic acquisitions and aims to further expand its reach both nationally and internationally.
CEO Steve McCarty expressed enthusiasm about the new partnership, saying, “This partnership marks the beginning of a new and expanded era of growth for UHY. Together with Summit, we focus on scaling our impact while continuing to deliver the highest-quality service and outcomes for our clients and colleagues.” The firm currently serves a wide range of clients from closely held middle-market companies to Fortune 500 firms, tailoring their solutions to meet the unique needs of each business.
UHY’s Rapid Growth Journey
Established in 2000, UHY has experienced remarkable growth since then, evolving into one of the top firms in the industry. Ranking 29th on Accounting Today’s list of Top 100 Firms, UHY currently operates nearly 40 offices with more than 1,800 professionals across the United States. Furthermore, through its global network, UHY International, the firm boasts representation in 334 offices across 96 countries, supporting businesses in high-growth industries.
The support from Summit Partners will not only help UHY expand but also deepen relationships with existing clients. In a world that is constantly changing, the ability to adapt and innovate is crucial, and UHY seems committed to setting new standards in the ever-evolving middle market.
Summit Partners: The Driving Force
Summit Partners isn’t just any investment firm; it focuses on companies that exhibit profitable growth. Established in 1984, Summit has invested in more than 550 companies. Their experience includes backing firms in various sectors, including technology and healthcare, and they have facilitated over 175 public equity offerings.
Paul Furer, a partner at Summit, highlighted UHY’s impressive track record. “UHY has established itself as a highly respected, market-leading accounting, tax, consulting, and advisory services firm built on a reputation for client service and innovation,” he stated. His excitement was palpable as he remarked on the leadership at UHY, impressed by their ability to drive organic growth while also building a strategic acquisition engine.
What Lies Ahead for UHY
With the influx of new capital and Summit’s dedication to operational excellence, UHY is primed for an ambitious growth strategy. Looking forward, the firm aims to not only elevate its existing services but also explore new opportunities that may arise from this partnership.
In a nutshell, UHY is gearing up for what could be a groundbreaking chapter in its journey, and the implications for businesses in Farmington Hills and beyond could be substantial. Stay tuned as UHY continues to make waves in the accounting and consulting landscape.
