Private equity-backed accounting firm platform Ascend has added Pasadena, California-based Lucas Horsfall as its latest member firm.
Terms of the deal were not disclosed, but it will add 15 partners and approximately 125 professionals to Ascend.
LH was founded in 1957 and serves clients in the manufacturing, real estate and construction industries. In addition to its Pasadena headquarters, it has offices in Encino and Irvine.
"As we look out over the next decade or so, there's so much change coming in terms of how to attract and retain people, how to navigate technology including AI, and how to manage a growing need for offshoring," said LH CEO Mike Amerio, in a statement. "Ascend gives us the right resources and the right technology team to manage these fast-paced changes well beyond just the workstation. We will have the opportunity to grow at a faster pace and get ahead of the game instead of trailing the game, to stay competitive in the marketplace."
"Lucas Horsfall has a long and rich history as a trusted advisor in Southern California, with a concentrated client base in the San Gabriel and San Fernando Valleys, the Inland Empire and Orange County," said Ascend president Nishaad Ruparel, in a statement. "They have many defining characteristics that fit well with Ascend's 'PeopleFirst' culture and business model."
Ascend acquires the nonattest parts of entrepreneurial middle-market firms in the U.S., and then supports their growth with capital and a growing list of other resources in areas such as leadership development, talent acquisition and technology.
As part of the deal, Lucas Horsfall will adopt the alternative practice structure that is common with private equity, reorganizing itself into two entities: Lucas Horsfall Advisors LLC, a new entity affiliated with Ascend that will provide tax and business advisory services, and Lucas, Horsfall, Murphy & Pindroh LLP, an independent CPA firm that will offer attest services.
Ascend ranked No. 59 on Accounting Today's 2024 list of the Top 100 Firms in the country, with $126 million in revenue and over 600 employees. Since its launch at the start of 2023, it has made a significant number of investments, including
