02 OCT 2024 / M&A UPDATES

Ascend Welcomes Lucas Horsfall to Its Expanding Platform

- MYCPE ONE Insights Team

Summary

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Arlington-based Ascend, supported by private equity firm Alpine Investors, has expanded its growth platform by integrating with Lucas Horsfall, a prominent accounting firm in Southern California. This merger strengthens Ascend's presence in the region, adds around 125 professionals to its national network, and promises advanced resources and technology to better handle anticipated industry changes like talent retention and AI advancements.

Arlington, Va.-based Ascend, a strategic partner for regional accounting firms backed by private equity firm Alpine Investors, has officially expanded its growth platform with the addition of Lucas Horsfall (LH), a well-established accounting firm headquartered in Pasadena, Calif. This integration, effective October 1, strengthens Ascend's presence in Southern California with the inclusion of LH’s Pasadena, Encino, and Irvine offices, and brings 15 partners and approximately 125 professionals into Ascend’s national network. Terms of the deal were not disclosed.

Lucas Horsfall, founded in 1957, has built a reputation for supporting families and business owners primarily in the manufacturing, real estate, and construction sectors, with a growing client base in technology, healthcare, and food and beverage industries. The firm’s geographical focus extends to the San Gabriel and San Fernando Valleys, the Inland Empire, and Orange County, establishing it as a trusted regional advisor.

According to Lucas Horsfall’s CEO, Mike Amerio, the alliance with Ascend is a proactive response to anticipated industry changes, including talent retention, advancements in AI, and the increasing need for offshoring. “Ascend provides us the resources and technology to manage fast-paced changes well beyond the workstation,” said Amerio, emphasizing the strategic advantage Ascend’s support offers in meeting these challenges.

Nishaad Ruparel, President of Ascend, praised Lucas Horsfall's cultural alignment and commitment to a "PeopleFirst" ethos, a quality that makes the firm an ideal fit for Ascend's vision. “Lucas Horsfall’s deep community roots, service-driven values, and focus on growth as a means to professional fulfillment are qualities that align perfectly with our platform,” Ruparel added.

As part of the integration, Lucas Horsfall has adopted an alternative practice structure typical in private equity-backed CPA firm transactions. Under this model, tax and advisory services will be provided through a newly formed entity, Lucas Horsfall Advisors LLC, affiliated with Ascend. Attest services will remain separate and will be offered by Lucas Horsfall Murphy & Pindroh LLP, a licensed CPA firm.

Ascend’s platform, supported by Alpine Investors, aims to empower regional accounting firms with robust leadership, innovative practices, and growth potential, allowing them to evolve beyond the constraints of traditional partnership models. Through this collaboration, both Ascend and Lucas Horsfall anticipate accelerated growth and expanded service capabilities to better support their clients and employees alike.

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Ascend Welcomes Lucas Horsfall to Its Expanding Platform

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