Windsor Path Partners with ASO Advisors, Expanding Its Platform of Independent Accounting Firms
Windsor Path, a family office-backed platform for accounting firms, has invested in ASO Advisors, the non-attest business of Indianapolis-based Agresta, Storms & O'Leary, LLC. The partnership marks the second member firm to join the Windsor Path platform, following its investment in WFFA Advisors, the non-attest business of New York-based Wagner, Ferber, Fine & Ackerman, PLLC.
Led by Co-CEOs Camilo Maldonado and Danny Urgelles, Windsor Path partners with accounting and advisory firms generating $3 million to $35 million in revenue, with the long-term goal of building a Top 50 Firm. The platform takes a controlling stake in each firm it partners with. In return, member firms keep their name, their brand, their local leadership, and the autonomy to run their practice as they always have. Windsor Path supports and scales the work behind the scenes, including HR, technology, and bookkeeping, so partners can spend their time on clients rather than administration.
As is common in the accounting space, ASO will adopt an alternative practice structure that separates its non-attest and attest services. Tax and business advisory services will be provided by ASO Advisors, LLC, while attest services remain with Agresta, Storms & O'Leary, LLC, an independently owned and licensed CPA firm.
What sets Windsor Path apart from traditional private equity is time. Where private equity hold periods average three to five years, Windsor Path is built for a far longer horizon. The goal is not to position a firm for resale. It is to give a firm's team and clients a lasting home.
"ASO has built something special in Indiana, with a deep client-first culture and a leadership team that has a clear vision for what comes next," Urgelles said. "Camilo and I always say our job isn't to change a firm's vision. It's to help them get there faster."
ASO Advisors serves clients from offices in Indianapolis, Greensburg, Batesville, Columbus, Martinsville, and Seymour, Indiana. The firm provides tax and business consulting services, including bank and finance consulting, M&A assistance, cost management and budgeting, HUD consulting, and outsourced CFO services.
"After looking at a number of options, Windsor Path stood out for letting us keep what has worked at ASO while bringing real infrastructure and capital behind us," said Shawwn Storms, partner at ASO Advisors. "We built this firm around our clients and our people, and this partnership lets us keep doing that with more support around us."
