Wipfli adds Patke & Associates

Wipfli LLP, a Top 100 Firm based in Milwaukee, is merging in Patke & Associates, a firm that specializes in servicing hedge funds, building Wipfli’s footprint in the Chicago area, effective August 1.

As part of the deal, 12 professionals from Patke & Associates, based in Lincolnshire, Illinois, will join more than 2,300 professionals at Wipfli, including approximately 250 in the Chicago area.

Financial terms of the deal were not disclosed. Wipfli ranked 19th on Accounting Today’s 2019 list of the Top 100 Firms. The firm had $323 million in annual revenue last year.

“The addition of Patke & Associates provides Wipfli with an opportunity to add specialized resources and build a special industry niche focused on hedge funds,” said Wipfli Managing Partner Kurt Gresens in a statement. “Given our combined knowledge and strength in the financial institutions and financial services industry and our shared dedication to our clients and helping them achieve their goals, this is an excellent addition for our firm.”

Wipfli managing partner Kurt Gresens
Wipfli managing partner Kurt Gresens

Patke was in 1990 and provides audit, tax and consulting services, including more than 100 global investment funds. Its services include investment partnership and hedge fund audits, surprise examinations for registered investment advisors and tax planning and preparation.

“Patke & Associates is very excited to join Wipfli, a firm with a similar client service philosophy and values,” stated Paul Patke, owner and managing shareholder of Patke & Associates. “For our clients, this will broaden and deepen the specialized services we can provide, allowing our team to continue to meet clients’ needs as they face new challenges in the years ahead. For our associates, the combination will provide advanced training opportunities and increased career opportunities as they become associates in a larger firm.”

Patke & Associates shareholder Ron Niemaszyk believes the deal with Wipfli will give his firm further resources for helping its hedge fund clients. “At Patke & Associates, we have built our practice by providing top-quality service and establishing strong relationships with our clients,” he stated. “By joining Wipfli, we will now have access to additional resources to help grow the hedge fund practice and to help our clients no matter what challenges they face, while continuing to provide them with the personal attention they expect to receive from our firm’s shareholders and associates.”

Koltin Consulting Group CEO Allan D. Koltin advised both firms on the deal. “This is another great example of Wipfli’s commitment to specialized knowledge and industry expertise,” he stated. “Even though Wipfli is one of the fastest growing firms in the country, they continue to be very strategic in their selection of firms they invite to join them and very disciplined in their commitment to “going deep” in the industries in which they specialize. Patke loved the opportunity to take their hedge fund practice to the next level and expand their service offerings to their clients and contacts in the financial services industry.”

Wipfli has done a couple of other M&A deals this year. In June, it added TopLine Strategies, a firm based in Scottsdale, Arizona. In January, Wipfli merged in Howe, Riley & Howe, a firm based in Bedford, New Hampshire.

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