San Luis Obispo, CA-based Glenn Burdette and Saltmarsh, Cleaveland & Gund, which has offices in Pensacola and Tampa, FL, were the latest to join Ascend, a private equity-backed platform that partners with regional accounting firms but allows them to stay independent while providing the firms resources to help them grow, effective June 1.
Financial terms of both deals weren’t disclosed. Glenn Burdette’s team of 75 professionals, including seven partners, have joined Ascend, while the firm added an additional 16 partners and 178 total team members from Saltmarsh.
Glenn Burdette adds a presence in central California to Ascend’s West Coast footprint, while Saltmarsh gives Ascend its first foothold in Florida.
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Both Glenn Burdette and Saltmarsh are active independent members of the BDO Alliance, one of the industry’s largest associations of accounting and professional services firms.
“These are two monumental partnerships for Ascend,” the firm’s president, Nishaad Ruparel, said in a statement. “Glenn Burdette was founded 60 years ago, and in 2000 became the first CPA firm in California to form an ESOP [employee stock ownership plan]. That decision marked the firm’s commitment to a set of core values that they still wear on their sleeve today: a desire to provide opportunity for their people, a focus on shared ownership as an enabler of success, and a fierce commitment to hold the pen on their own story. Unwinding that ESOP and entering into a partnership with Ascend is meaningful because it marks the firm’s willingness to revisit whether those values were safeguarded by the proper vehicle for transformation during changing times. We are honored to be the partner they chose on the other side of that deep exploration.
“Saltmarsh has an equally proud history, with an 80-year legacy in Florida’s panhandle and central cities,” he continued. “The firm is synonymous with quality, is a longstanding best-place-to-work, and has a dynamic group of partners that are seen as trusted advisors across disciplines. Less than a year ago, Lee Bell and the Saltmarsh leadership team took the time they needed to articulate a strategic vision that would carry the firm into the next decade and enumerate a plan for achieving that vision. We feel privileged that they decided Ascend is best positioned to help them fulfill those ideals.”
Backed by private equity from Alpine Investors, Ascend provides its member firms access to growth capital, talent acquisition and training, best-of-breed technology, artificial intelligence tools, an offshore captive, shared back-office services, a catalytic leadership system, and modernized equity incentives.
Founded in 1965, Glenn Burdette provides a full spectrum of tax, audit, bookkeeping, business consulting, and financial management services, primarily to middle-market and small owner-managed businesses.
“Partnering with Ascend is the right move at the right time for Glenn Burdette,” said David Merlo, the firm’s CEO. “Their forward-thinking approach and shared values make them a natural fit for our next chapter. We chose Ascend because of their strong commitment to reimagining what’s possible—for both our clients and our people. This combination enhances our ability to deliver deeper expertise, broader resources, and more innovative solutions while opening new pathways for growth and development for our employees. We’re excited to build a future together that is greater than anything we could achieve alone.”
Glenn Burdette’s culture as a former ESOP is highly compatible with Ascend’s “people first” values, Merlo said.
“Accounting is often called a numbers business, but we view it as a service business. We are deeply committed to serving our clients, who are responsible for our success; our employees, who are the heart and soul of our firm; and our community, where we make our homes, raise our families, and enrich our lives,” he added.
Saltmarsh, Cleaveland & Gund is one of the largest full-service accounting and advisory firms in the Southeast. The firm offers deep expertise and specialized consulting for many industries and high-net-worth individuals.
“The success of our business is entirely about putting our people first so they can do what they love, which is helping our clients achieve success,” said Lee Bell, CEO of Saltmarsh Advisors. “Ascend’s intense focus on people and their unique concentration on supporting our more than 80-year legacy as Saltmarsh is why we made the decision to partner with them. We found ourselves spending valuable time and energy just to keep up with rapidly evolving industry demands. And we concluded that we needed a partner to stay comfortably ahead, so we can keep our energy focused on our people and our service to clients. Our great clients will continue to work with the same Saltmarsh professionals, right where they are today. But now we will have the power of an industry-leading organization, with growth capital and real ability to continually adapt to a rapidly changing future. Partnering with Ascend will make Saltmarsh that much better and allow us to immediately bring our people’s career paths into a modern era, enabling them to continue serving the clients they love, where they love to work and live.”
Saltmarsh has been recognized as a top accounting firm nationally and locally and received ClearlyRated’s Best of Accounting Award for exceptional client service. The award, based on client ratings, is presented to fewer than 1% of all accounting firms in the U.S. and Canada.
“We believe in delivering legendary service and being relentless about improvement,” Bell said. “Our passion for people and excellence is the foundation of our work and drives our client experience. Ascend’s platform is built on the same fundamentals that comprise the ‘Saltmarsh Way,’ which defines how we work with our clients, strategic partners, and each other. Ascend is the only firm we seriously engaged with, and we know they are the perfect partner for the future success of our firm and our people.”
As is common in private equity deals with CPA firms, platform firms adopt an alternative practice structure separating non-attest and attest services. Tax and business advisory services are provided by a new entity affiliated with Ascend. Attest services are provided by an independently owned and licensed CPA firm.
Since launching in January 2023, nearly 20 regional accounting firms have restructured in order to join the Ascend platform.
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