Montgomery, AL-based Jackson Thornton, an INSIDE Public Accounting top 200 accounting firm, has joined the Ascend platform.
Financial terms of the deal weren’t disclosed.
This is Arlington, VA-based Ascend’s second M&A deal this year. In January it acquired Gollob Morgan Peddy in Tyler, TX. Ascend member firms—McGee, Hearne & Paiz; Lucas Horsfall; and Wilson Lewis—have also made M&A deals to expand their reach during the first quarter of this year.
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Backed by private equity firm Alpine Investors, Ascend partners with regional accounting and advisory firms but allows them to stay independent while providing the firms resources to help them grow. The partner firms relinquish their traditional partnership structures in order to join Ascend’s platform.
Ascend provides access to growth capital, talent acquisition and training, management resources, best-of-breed technology, artificial intelligence tools, an offshore captive, shared back-office services, a catalytic leadership system, and modernized equity incentives to its partner firms.
The addition of Jackson Thornton earlier this month brings 30 partners and more than 160 professionals to Ascend, deepening the firm’s presence across the Southeast and adding capability in wealth management and industry specialization.
Founded in 1919, Jackson Thornton serves clients across auto dealerships, construction, healthcare, government, manufacturing, not-for-profit organizations, and telecommunications.
The firm, which has six Alabama offices—Montgomery, Birmingham, Auburn/Opelika, Dothan, Wetumpka, and Prattville—offers a full range of services, including tax planning, audit and assurance, business consulting, technology solutions, and wealth management.
Jackson Thornton’s wealth management franchise alone manages $2 billion in assets. The accounting firm had revenue of $39.6 million during its most recent financial year, according to INSIDE Public Accounting.
“We are proud to champion the independence of a firm that has over a century of history,” Nish Ruparel, president of Ascend, said in a statement. “Jackson Thornton’s reputation is grounded in its multi-disciplinary expertise and the depth of talent that has made it so. For some time now, the firm has been stretching its roots across Alabama and toward the integrated service delivery of accounting, wealth, and advisory—we can make much of that vision, together.”
Jackson Thornton CEO Alan Alexander added, “The pace of change in our profession has never been faster, and we believe now is the right moment to partner with Ascend—an organization that shares our entrepreneurial mindset and people-first philosophy. This partnership allows us to remain independent and locally led while giving our clients access to deeper resources, enhanced technology, and broader expertise.”
Photo caption: Ascend President Nish Ruparel
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