When private equity meets professional services, the accounting world starts to look a lot more like Silicon Valley. Elevate LLC, a national platform uniting accounting, tax, and advisory firms, has made its second investment in as many months, acquiring a stake in Gilmore Advisors LLC, the non-attest arm of San Mateo’s Gilmore & Associates, LLP. The deal became effective September 1, 2025, and underscores Elevate’s plan to consolidate regional expertise under a modern, tech-enabled growth platform.

A Second Step Toward a National Network

This marks a quick follow-up to Elevate’s August partnership with TYS LLP, signaling a clear strategy: build scale fast by backing established firms that blend deep local trust with future-ready capabilities. For Elevate, it’s less about roll-ups and more about modernization—helping independent firms thrive amid rising automation, labor shortages, and evolving client expectations.

“Gilmore & Associates represents the very best of what we look for in a partner — exceptional leadership, deep industry expertise, and a strong community presence,” said Sanjay Agarwal, CEO and Managing Partner at Elevate. “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.”

Why Gilmore Matters

Founded by Kevin Gilmore, CPA, the firm has been a Bay Area mainstay for more than two decades, known for its tax planning, audits, nonprofit and construction sector expertise, and estate and trust advisory work. Its client base spans entrepreneurs, private businesses, nonprofits, and high-net-worth families—a demographic that values both sophistication and personal attention.

By joining Elevate, Gilmore Advisors gains access to shared infrastructure, talent development programs, and technology resources—without surrendering its independence. It’s a familiar theme in the evolving accounting landscape: balancing scale with autonomy.

“This partnership allows us to stay true to our roots while expanding opportunities for our team and clients,” said Kevin Gilmore, Managing Partner at Gilmore & Associates.

A Model That’s Catching Attention

The transaction was advised by Whitman Transition Advisors, whose CEO Phil Whitman noted that Gilmore was courted by several investor-backed platforms before choosing Elevate. “Gilmore & Associates ultimately chose Elevate because of its unique strategic model, long-term vision, and commitment to preserving firm culture,” Whitman said. “Elevate is building something different—a platform that empowers firms to grow while staying true to who they are.”

The Bigger Picture

Accounting, much like law and wealth management, is undergoing a quiet transformation. Firms are seeking capital partners that understand both the regulatory constraints and the tech evolution reshaping client service delivery. Elevate’s model mirrors that of emerging “aggregator” platforms in other professional services, emphasizing tech enablement, shared services, and operational scalability—while keeping local brands intact.

As part of the transaction, Gilmore & Associates LLP will adopt an alternative practice structure to remain compliant with CPA firm ownership rules. That means Gilmore Advisors LLC will handle tax and advisory work, while the original LLP continues to deliver attest services as an independent CPA entity.

If Elevate’s rapid dealmaking continues, the company could soon become one of the most influential players in a sector long overdue for a digital and structural refresh.