Elevate acquires Gilmore Advisors | Accounting Today

Elevate announced its acquisition of San Mateo, California-based Gilmore Advisors, which went effective Sept. 1. 

Elevate is a family-office backed accounting platform firm based in California. This is its second deal since launching in September, when it announced its acquisition of TYS Advisors. Elevate targets firms across major metropolitan markets with $2 million to $20 million in revenue, as well as advisory firms in areas such as tax specialty, valuation and cybersecurity.

“Gilmore & Associates represents the very best of what we look for in a partner — exceptional leadership, deep industry expertise, and a strong community presence,” Sanjay Agarwal, CEO and managing partner of Elevate, said in a statement. “Coming on the heels of our partnership with TYS Advisors, this is another important step in building a platform that empowers great firms to thrive in the next era of the profession.”

Gilmore Advisors, which is the non-attest business of Gilmore & Associates, operates in the San Francisco Peninsula and greater Bay Area with four partners and 20 staff in the U.S. and offshore. It offers tax planning, financial statement audit, nonprofit and construction expertise, and estate and trust services to entrepreneurs, privately held businesses, nonprofits and high-net-worth families. 

“We are excited to partner with Elevate to bring additional resources to our clients while preserving the close-knit, high-touch service that has always been our hallmark,” Kevin Gilmore, managing partner of Gilmore & Associates, said in a statement. “This partnership allows us to stay true to our roots while expanding opportunities for our team and clients.”

“Gilmore & Associates is a highly regarded Bay Area firm that was approached by multiple investor-backed suitors,” Phil Whitman, CEO of Whitman Transition Advisors, who advised on the transaction, said in a statement. “Kevin Gilmore and his partners ultimately chose Elevate because of its unique strategic model, long-term vision, and commitment to preserving firm culture. Elevate is building something different — a platform that empowers firms to grow while staying true to who they are.”

As part of the deal, Gilmore & Associates will adopt an alternative practice structure, separating its attest and non-attest services.