Private equity-backed Ascend announced Thursday that two of its platform accounting and advisory firms—TSS Advisors and Walter Shuffain Advisors—have completed merger deals, effective Nov. 1.
Lebanon, NH-based TSS merged in John G. Burk & Associates in Keene, NH, while Boston-based Walter Shuffain has combined with Richardson & Co. P.C. of Medway, MA.
Financial terms of both deals weren’t disclosed.
Ascend said Nov. 20 that the transactions further expand its New England footprint and bring additional firms onto its platform.
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.
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“Over the course of their careers, John Burk and Steve Richardson built firms with reputations for their trusted advice, familial cultures, and attentive presence in the local business community. Each now a steward of their firm’s next chapter, John and Steve have opted to double-down on their regional focus by partnering with TSS and Walter Shuffain, respectively,” Nishaad (Nish) Ruparel, president of Ascend, said in a statement. “I am proud that Ascend partner firms have come to represent a unique option for firm leaders like John and Steve—an ability to lock-in their middle-market client strategy, embed into an enduring regional workplace, and surround their clients and people with large-firm resources that create a more rewarding relationship for all.”
James Godfrey, CEO of TSS, said, “John, [partner] Jason [Houston], and their amazing Burk team have built an incredible legacy of trust, integrity, and client care over the years. We are honored to carry that legacy forward together. Our shared values and combined expertise align perfectly and will allow us to continue providing the personalized service our clients expect, with expanded resources and reach.”
Founded in 1986, TSS is the largest professional advisory firm in the Upper Connecticut River Valley.
Jonathan Yorks, CEO of Walter Shuffain, said, “By joining forces with Richardson & Co., we are deepening our investment in delivering white-glove, full-service support that empowers our clients to thrive. Our teams share a common vision: providing clarity and confidence through proactive communication, innovative thinking, and the highest standard of service.”
Established in 1976, Walter Shuffain is a top 200 accounting firm by revenue in the U.S., according to INSIDE Public Accounting.
Allan Koltin, CEO of Koltin Consulting Group, who served as advisor on the Walter Shuffain-Richardson transaction, commented, “Ascend continues to have success with their national growth strategy of acquiring best-in-class firms, and Richardson is another example of that. Richardson was courted by many national firms but chose Walter Shuffain and Ascend because of their depth of resources and expertise, both locally and nationally, as well as their culture and vision for the firm of the future.”
Ascend platform firms are currently operating in more than a dozen states nationwide.
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