The Transaction
Chicago-based NDH Advisors has acquired McGowan Guntermann PC, a Santa Barbara tax and accounting firm serving high-net-worth individuals, closely held businesses, and family groups. Founded in 1945, McGowan brings decades of specialized practice into the NDH platform.
Managing partner David Larson and McGowan's other partners will remain actively involved in the combined business going forward.
The Third Deal Under PE Ownership
The acquisition is NDH's third deal since being recapitalized by private equity firm Unity Partners in May. The transaction sequence reflects the PE-backed accounting consolidation pattern now well established across the mid-market:
- November — acquisition of Stratus Group in Leawood, Kansas (NDH's first M&A transaction)
- Earlier in 2024 — acquisition of Houston-based CPA firm Jain & Jain
- Now — McGowan Guntermann PC in Santa Barbara
Strategic Fit
NDH CEO and co-founder Jeremy Dubow cited complementary client and service areas and well-aligned firm cultures as the rationale. Larson framed the decision in similar terms — describing NDH as the right cultural and strategic fit for McGowan's team and clients.
All McGowan employees will join NDH's Employee Purpose Plan, a broad-based employee ownership program — a structural element increasingly common in PE-backed firms seeking to align non-partner staff to the equity story.
Implications
The transaction exemplifies the continued momentum of private equity in mid-market accounting consolidation. Sellers are finding PE-backed buyers willing to preserve culture and offer broad-based equity participation; buyers are deploying capital into firms with specialized practices and defensible client relationships. The pace shows no sign of slowing.