Los Angeles-based Elevate LLC has announced a strategic and capital investment in Gilmore Advisors LLC, the nonattest business of San Mateo, Calif.-based Gilmore & Associates LLP, CPA and advisory firm serving the San Francisco Peninsula and greater Bay Area. The partnership became effective Sept. 1.

The transaction marks Elevate’s second investment, following its partnership with TYS LLP last month, as part of its plan to build a next-generation growth platform for accounting, tax and advisory firms.

Founded by Kevin Gilmore, Gilmore & Associates has been a fixture in the Bay Area for more than two decades, serving entrepreneurs, privately held businesses, nonprofits and high-net-worth families. The firm is recognized for its expertise in tax planning, financial statement audit, nonprofit and construction accounting, and estate and trust services.

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

“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 MP of Elevate. “This is another important step in building a platform that empowers great firms to thrive in the next era of the profession.”

Phil Whitman, CEO of Whitman Transition Advisors, who advised on the transaction, added, “Gilmore & Associates was approached by multiple investor-backed suitors, but chose Elevate for its unique strategic model, long-term vision and commitment to preserving firm culture.”

As part of the transaction, Gilmore & Associates will adopt an alternative practice structure. Tax and advisory services will be delivered by Gilmore Advisors LLC, while attest services will remain with Gilmore & Associates LLP, an independently owned and licensed CPA firm.