Ascend, a strategic partner for regional accounting and advisory firms backed by private equity firm Alpine Investors, has announced that the Massachusetts firm of Walter Shuffain will become the latest practice to join its new-age growth platform, effective January 1, 2025.
The transaction adds Boston to Ascend’s growing national footprint and brings another regional leader into the ranks of firms shedding the traditional CPA partnership structure to adopt Ascend’s innovative, people-first approach to the profoundly changing accounting industry of the future.
“There is a clear opportunity to build an independent, middle-market firm of consequence in greater Boston and to create exceptional careers for their people. Walter Shuffain has been building in that direction for years, and our partnership will only accelerate that transformation,” said Nishaad Ruparel, Ascend’s president.
Ascend’s platform enables regional accounting firms with between $15 and $50 million of revenue, committed leadership, great cultures, and a big vision for the future to remain independent while accessing the sophisticated resources of a larger firm to overcome the challenges of the traditional CPA partnership model and reach their full potential.
“We’re making this change from a position of strength. We already have a transition plan for the next generation in place and we have a great partner group that will be able to carry on our business, but the landscape is changing. We don’t know what’s going to be out there and what’s going to impact us three to five years down the road that we don’t even see right now. So being able to make this change from a position of strength is a significant advantage,” said Jonathan Yorks, Walter Shuffain’s managing partner.
Walter Shuffain adds 114 professionals, including 13 partners, to Ascend’s team. The firm reported 2023 revenue of $30 million.
As is common in private equity deals with CPA firms, the firm has adopted an alternative practice structure separating non-attest and attest services. Tax and business advisory services will be provided by WS Advisors Corp. (“Walter Shuffain”), a new entity affiliated with Ascend. Attest services will be provided by WS CPAs P.C., an independently owned and licensed CPA firm.
Terms of the deal were not disclosed.
“We had several pathways available to us, but Ascend made the most sense because we have great cultural alignment. We believe in the same things. They carry the same values, putting people first, which means putting their clients first. Because when you have happy people, you have happy clients,” Yorks said.
Walter Shuffain was selected as a “2024 Best Firm to Work For” by Accounting Today and is ranked a Top 200 Firm nationally by Inside Public Accounting.
“The last several months have only underscored our shared values. Leadership at Walter Shuffain has natural intuition and earned experience around how growth helps win and retain the best people. The depth of talent and strength of culture at this firm says it all,” Ruparel said.
“Ascend built a great back office that we’re going to be able to tap into. We’ll have a greater tech stack, and we’ll have more capital to invest in AI that we may not have had on our own. We’ll also be able to make a greater investment in our people to continue developing our talent and create new career opportunities for them,” Yorks said.
“We are still Walter Shuffain, and our clients are still going to get the services, the professionalism, the responsiveness that we give them now. How we serve our clients won’t change, but we’ll have a lot more resources at our disposal.”
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