Blackman & Sloop of Chapel Hill, North Carolina, and TSS of Lebanon, New Hampshire, become the newest partner firms to join Ascend. Vogel & Co. of Darien, Connecticut, and West Palm Beach, Florida, was also
Financial terms of the deals, which took effect May 1, were not disclosed.
As often occurs in private equity deals with CPA firms, Blackman & Sloop and TSS have adopted an alternative practice structure under which each has formed a new entity affiliated with Ascend that will provide tax, business advisory and other nonattest services. Attest services will be provided by separate, newly established, independently owned and licensed CPA firms.
“We are honored to be trusted with the lasting legacies of these firms, which combined have well over 100 years of history serving clients,” said Ascend CEO David Wurtzbacher in a statement Friday. “Our culture, growth and talent models are game-changers for even the most successful firms.”
TSS, founded in 1986, has eight partners and 55 staff members. The firm provides advisory, tax consulting and compliance, employee benefit planning, and bookkeeping services to clients in the automotive, not-for-profit and other industries.
“Partnering with Ascend is the answer to all of the ‘what if’ questions we were asking ourselves as we looked for solutions to the limitations on our growth,” said TSS Advisors CEO James Godfrey in a statement. “They are literally changing the very model that was limiting us by providing the resources we need to help us grow while enabling us to retain our identity and our culture.”
Blackman & Sloop dates back to 1973 and offers advisory, tax and consulting services to individuals and closely held, privately owned businesses, with industry specializations in construction and nonprofit. The deal with Blackman & Sloop adds six partners and 45 team members to Ascend.
“Uniting with Ascend will propel us to a new era of client service and growth,” said B&S Advisors LLC CEO Andrea Woodell Eason in a statement. “With a rich history spanning 50 years, we recognize the importance of evolving and expanding our capabilities to better serve our clients and nurture our team’s growth.”
Along with the new partner firm transactions, Ascend partner LMC in New York City merged Vogel & Co., an independent business management and tax advisory firm, into its family office practice.
“This partnership with Vogel & Co. gives us both additional capacity to address the increasing demand for family office services by combining our high-caliber talent teams and expanding the deep technical expertise we can offer our clients,” said LMC Advisors CEO Lee Cohen, a member of Accounting Today‘s 2023 MP Elite.
“Partnering with LMC allows us to achieve our joint dream of building the premier family office firm offering clients tailored financial guidance and transparency, empowering families to preserve and grow their wealth and their legacies,” said founder and CEO George Vogel. “Together, we will raise the standard for excellence.”
LMC Advisors ranked No. 29 on Accounting Today‘s 2024 Regional Leaders list for the Mid-Atlantic, with $24.3 million in annual revenue, six partners and approximately 100 employees.
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