Windsor Path, a family office-backed platform for accounting firms, acquired WFFA Advisors, the non-attest business of Wagner, Ferber, Fine and Ackerman in New York City on June 30.
This is Windsor Path's first deal since completing its fundraising in late 2024. Camilo Maldonado and Danny Urgelles run the firm as co-CEOs. The platform aims to become a Top 100 Firm by acquiring firms with $3 to $35 million in revenue. It takes a controlling stake in the firms it adds, but those firms retain their name, brand, local autonomy and leadership. Meanwhile, administrative aspects like HR, technology and bookkeeping are centralized and scaled through Windsor Path.
As is common with private equity deals, the firm will adopt an alternative practice structure, separating non-attest and attest services. Tax and business advisory services will be provided by WFFA Advisors, LLC, while attest services will remain with Wagner, Ferber, Fine, and Ackerman, an independently owned and licensed CPA firm.
However, Windsor Path is not PE. Whereas private equity terms last an average of three to five years, Windsor Path envisions a longer investment horizon.
"We're backed by investors, and our sole mandate is to build an accounting firm — that's the only thing we're focused on," Maldonado told Accounting Today. "Windsor Path exists to partner with accounting firms and help them grow."
"There was strong alignment and excitement around the direction WFFA was already heading. Danny and I always say our job isn't to change a firm's vision — it's to help them get there faster," he added.
WFFA Advisors was founded in 1947. It has 10 partners and offices in Manhattan and Long Island. It offers tax, accounting, advisory, and attest services to small- and medium-sized businesses and affluent individuals across the New York City area.
"We chose to partner with Windsor Path because they share our commitment to client service and our vision for sustainable growth. Their strategic approach and operational support will help us enhance our capabilities while staying true to what makes WFFA unique. We're genuinely excited to work alongside their team as we build the future of our firm together," Michael Ferber, CEO of WFFA Advisors, said in a statement.
Phil Whitman, CEO of Whitman Transition Advisors, who advised both firms on the investment, said in a statement, "WFFA had its choice of strategic partner and chose Windsor Path because of the combination of independence and operational support they provide. Windsor Path and the firms they invest in will be among the winners in the accounting space."
