Wipfli LLP, a Top 20 Firm based in Milwaukee, has acquired the risk management and loan review services divisions of Sheshunoff Consulting + Solutions.
The deal will add 79 associates, but no partners, to Wipfli’s risk management and loan review services team, expanding it to over 210 associates. It will also bring more than 150 clients to Wipfli’s 900-client financial services practice.
“We are looking forward to Sheshunoff joining our firm,” said Wipfli managing partner Kurt Gresens in a statement Wednesday. “Their strong reputation and business approach in financial services will be a great fit at Wipfli. Their deep bench in risk management and loan review services will help us connect with a broader client base, enabling us to introduce a larger range of consulting services including digital, cybersecurity, cloud computing and outsourced accounting services. Working together, we’ll be well-positioned to support them.”
Financial terms of the deal were not disclosed. Wipfli ranked No. 20 on Accounting Today‘s 2023 list of the Top 100 Firms, with $506.7 million in annual revenue in fiscal year 2022.
Northern Edge Advisors acted as financial advisor to Sheshunoff on the deal.
“Sheshunoff is a leader in providing risk management and loan review services to the financial services industry,” said Sheshunoff president and CEO Gabrielle Sheshunoff Bekink in a statement. “By combining our deep expertise with Wipfli’s nationwide presence and focus on client services, we will provide clients with expanded resources to succeed and grow in today’s environment.”
Wipfli recently added Clayton & McKervey, a firm based in Southfield, Michigan that specializes in automotive and technology clients, effective Sept. 1. Last October, Wipfli acquired Oliver Group, a firm based in Louisville, Kentucky. Last February, the firm expanded in Arkansas by adding two data analytics and application development companies, Solve100 and Waypoint Consulting. In June 2021, Wipfli merged in Mueller Prost, a Regional Leader headquartered in St. Louis, and in January 2021, it added Hughes & Co. in Denver.
The latest deal only involves two business units of Sheshunoff, but they will help Wipfli grow its services for financial institutions.
“We’re so glad to have these two divisions of Sheshunoff as part of Wipfli,” said Bob Cedergren, head of Wipfli’s risk advisory services practice, in a statement. “Their experience helping financial institutions reduce risk and drive financial improvement makes them an excellent fit for our firm. The strength of our combined teams’ capabilities demonstrates our commitment to serve financial services clients as they navigate uncertainties in the regulatory and economic landscape.”
Separately, Wipfli released its annual report Wednesday. “I’m proud of the investments we’ve made in the people, processes and technologies that will support our future growth,” Gresens wrote. “Wipfli is a place where curiosity thrives because our culture is rooted in internal trust and integrity that drive our unique perspectives and innovative spirit.”