Fahrenheit Group Merges With HR Business
Monday, September 15, 2014
The Fahrenheit Group, a Henrico County finance, business advice and human resources company, is merging with Axeo, a human resources business based in Northern Virginia. The combined company will be called The Fahrenheit Group, this according to the Richmond Times Dispatch.
Fahrenheit was founded in January 2010 as Fahrenheit Finance by Keith Middleton and Rich Reinecke. The company originally provided accounting, bookkeeping and chief financial officer services to growing businesses and found that many of the company’s clients also needed assistance with human resource services.
The company rebranded this spring to reflect its expanded product offerings and now works with clients in three areas: accounting and finance, business advisory services and human resources.
“This morning, for example, one of our HR consultants was asking the finance and business advisory groups about the best way to structure a stock incentive plan,” Reinecke said.
The advisory services division was started about a year ago, and the human resources services began earlier this year.
Middleton said he and Reinecke wanted to expand Fahrenheit’s human resources practices, while Axeo founder Tom Wimer was looking to expand his company into the Richmond market.
“We had a call, and it went so well I came to Richmond the next day for a meeting,” Wimer, managing partner of Axeo, said. “I immediately thought that these were the people I’m looking for.”
Wimer will lead the combined companies’ FahrenheitHR practice. Axeo’s offices in Reston and Phoenix will remain open, and Fahrenheit will launch its fractional finance and business advisory practices in those markets. The combined company has about 50 employees, including 35 in the Richmond area.