Ascend Adds Wilson Lewis in Atlanta, Crosses $100 Million Revenue Mark
NOVEMBER 28, 2023 (Arlington, VA) – Ascend, a strategic partner for regional accounting firms backed by private equity firm Alpine Investors, today announced its ninth partnership of 2023. Effective December 1, the tax and consulting business of Wilson Lewis, an Atlanta-based accounting firm, will become part of Ascend’s new-age growth platform for mid-market accounting firms.
The transaction gives Ascend its first foothold in the Southeast and advances the firm across the $100 million revenue threshold. Terms of the deal were not disclosed.
As is common in private equity deals with accounting firms, Wilson Lewis will adopt an alternative practice structure, under which WL Advisors LLC will provide tax, business advisory, and other non-attest services, and Wilson Lewis Duluth, LLC, an independently owned and licensed CPA firm, will provide attest services.
“We are so excited to join forces with the team at Wilson Lewis, a longstanding firm in the greater Atlanta region that has clients who are raving fans,” said Ascend Founder & CEO David Wurtzbacher. “There are some remarkable things that Wilson Lewis is doing that have already been passed along to our other firms through CEO Josh Crisp’s participation in our Ascend Growth Model Bootcamp earlier this year. Everyone across Ascend is also celebrating that with the addition of Wilson Lewis, we are a $100 million revenue firm. Size isn’t our north star, but we are leveraging our significant scale to fuel a radically different talent strategy to serve those who are our north star -- our people.”
Wilson Lewis is a full-service accounting and advisory firm serving entrepreneurial clients across a range of industries. Founded in 1999, the firm brings 9 partners to Ascend.
“We think the accounting industry is primed for disruption and we want to be ahead of that. Ascend is the perfect solution for us at the perfect time,” Mr. Crisp said.
“We are a rapidly-growing $15 million firm facing the same challenges as other firms our size. How do you deal with the severe talent shortage in our industry, and how do you maintain scale to keep up with the curve on tech stack and infrastructure? Absorbing a smaller shop would only compound those problems, and we had no desire to merge up and become part of a machine where we would lose our unique culture. Everybody is talking about these challenges, but Ascend is actually doing something about them.
“We have a unique culture that has allowed us to attract and keep top talent. We have always viewed ourselves as a very entrepreneurial boutique firm. While we take our clients and our work very seriously, we recognize there needs to be a good balance and that you have to have fun at work, just like in life. Our emphasis is on providing our employees with a work home where, for example, they can feel comfortable bringing their dogs, among other perks. We feel it is important to maintain that same family-like atmosphere with our clients as well. We felt that a partnership with Ascend would allow us to maintain and grow that culture without sacrificing that DNA that we think makes us different,” Mr. Crisp said.
Ascend makes strategic investments in the non-attest businesses of entrepreneurial middle-market CPA firms and provides resources to help them grow independently. The Ascend Growth Model aligns partner firms and their teams around a shared vision for revitalizing the profession.
Ascend launched its new-age growth platform in January 2023 with its partnership with Opsahl Dawson of Vancouver, WA, followed by ATKG of San Antonio, TX, in May; LMC of New York City in June; Goering & Granatino of Overland Park, KS, in July; and now Wilson Lewis in Atlanta, GA. Also in July, Ascend acquired Sentient Solutions for Accounting (“Sentient”), an offshore accounting services and technology solutions provider with offices in India and Mexico. The company concurrently is investing in leadership development, talent acquisition, technology and AI, advanced billing methods, and client accounting services.
About Ascend
Ascend empowers entrepreneurial CPAs to reach their goals with an innovative growth model that brings their firms into the new age. Backed by private equity from people-focused Alpine Investors, Ascend is building a modern platform for regional accounting firms that enables them to stay independent while accessing the resources of a large CPA firm to help them grow. Ascend provides access to growth capital, robust talent acquisition, best-of-breed technology, a catalytic leadership system, shared back-office services, and modernized equity incentives so that firms can surmount today’s industry challenges and reach their full potential. Founded in January 2023, the company attained revenues sufficient to qualify it as a Top 50 U.S. accounting firm within ten months of operation. For more information, visit ascendtogether.com.
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Contact:
Julie Gross Gelfand
(516) 729-8067