Private-equity backed accounting platform Ascend has added San Diego-based CPA firm LevitZacks to its network of members.
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, which took effect March 1, LevitZacks will adopt the alternative practice structure that is common with private equity, reorganizing itself into two entities: LevitZacks Corp., which will provide tax, advisory and non-attest services, and LevitZacks CPAs, an independent CPA firm.
Terms of the deal were not disclosed, but it will add nine partners and 51 staff to the Ascend team.
"The Ascend model is very appealing to a large local firm with a strong community presence and a desire to stay independent and grow," said LevitZacks CEO Victor Ramsauer and COO Sue Watson in a statement Friday. "We expect our growth rate to increase now that we will have resources to assist us in this path. We pride ourselves on fostering an exceptional culture of open communication, mutual respect and a realistic work-life balance. Our employees' contribution to this culture is without a doubt the reason LevitZacks has been consistently recognized as one of the best places to work regionally and in the national accounting industry for 12 of the last 13 years."
Founded in 1964, LevitZacks provides tax, accounting and business advisory services across a wide range of industries. It has regularly been featured in Accounting Today's Best Firms to Work For ranking, including being ranked the No. 1 Small Firm in the country for two years running.
"Victor Ramsauer and Sue Watson exude a 'PeopleFirst' ethos, and it is evident in LevitZacks' industry-leading culture," said Ascend founder and CEO David Wurtzbacher in a statement. "For 60 years, LevitZacks has served their clients, staff and community wholeheartedly, and I am thrilled Ascend can help add another 60 years to that legacy."
Ascend ranked No. 59 on Accounting Today's recently released 2024 list of the Top 100 Firms in the country, with $126 million in revenue. Starting at the beginning of 2023, it has made a rapid series of investments, including
