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Ascend Partners with Walter Shuffain to Expand Its National Presence
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Subscribe18 DEC 2024 / SERVICES UPDATES
Arlington, Va.-based Ascend, a platform for regional accounting firms backed by private equity firm Alpine Investors, has announced the addition of Boston-based firm Walter Shuffain to its growing network. This partnership, effective January 1, 2025, marks a significant milestone for Ascend, as Walter Shuffain, with FY23 net revenue of $30.3 million, becomes the latest firm to join Ascend’s platform.
Strategic Partnership for Accelerated Growth
Nishaad (Nish) Ruparel, president of Ascend, highlighted the strategic benefits of this collaboration: “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.”
Jonathan Yorks, Managing Partner (MP) of Walter Shuffain, echoed this sentiment, stating that the decision to partner with Ascend was made “from a position of strength.” He added, “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.”
Strengthening National Footprint and Expanding Talent Pool
The addition of Walter Shuffain brings 114 professionals, including 13 partners, to Ascend’s team. This partnership also strengthens Ascend’s national presence by adding Boston to its growing network of locations. While terms of the deal were not disclosed, the expansion is expected to enhance Ascend’s ability to serve clients across the country with an increased depth of talent and expertise.
Cultural Alignment and Shared Values
Yorks emphasized the cultural alignment between the two firms, noting that Ascend’s values closely mirror those of Walter Shuffain. “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.”
Strategic Impacts on the Industry
This partnership between Ascend and Walter Shuffain is poised to create a significant impact in the accounting industry. By joining forces, the firms can expand their capabilities, enhance their service offerings, and position themselves as key players in the competitive middle-market segment. The move further solidifies Ascend’s strategy of building a network of strong, independent firms that are well-positioned for long-term success in an evolving industry landscape.
In conclusion, Ascend’s partnership with Walter Shuffain represents a key milestone in the firm’s national expansion strategy. The collaboration not only strengthens Ascend’s presence in the Boston market but also ensures the firm’s future growth and continued success through a shared commitment to cultural alignment, client-centric values, and long-term strategic vision.
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