Expanded industry specialization, geographic reach and private equity investment position the firm for long-term growth and innovation.
In a transformative move that redefines advisory and accounting services for the middle market, Baker Tilly and Moss Adams announced their planned combination to create the sixth largest advisory CPA firm in the US. Expected to close in early June of this year, the combination strengthens the firms’ industry specialization, expands its geographic reach and enhances its capabilities across advisory, tax and assurance services.
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With complementary strengths and a shared commitment to client success, Baker Tilly and Moss Adams will unite under the Baker Tilly name, forming a leading firm positioned to help middle-market businesses navigate an increasingly complex environment. Jeff Ferro, CEO of Baker Tilly, will serve as CEO of the combined firm through his retirement, with Eric Miles, currently Moss Adams CEO, named CEO-elect. Miles will assume the role of CEO on January 1, 2026, with Ferro remaining a director on Baker Tilly’s board thereafter.
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As part of this transaction, private equity firm Hellman & Friedman (H&F), an existing investor in Baker Tilly, will make a meaningful additional strategic investment in the business, with existing shareholder Valeas Capital Partners (Valeas) also increasing its investment. Following the deal close, Moss Adams and Baker Tilly’s audit business will combine as Baker Tilly US, LLP and the firms’ business advisory, tax and other services will combine under Baker Tilly Advisory Group, LP (BTAG). Both entities will remain partnerships, with all principals holding equity alongside H&F and Valeas in BTAG.
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Leadership Vision and Strategic Alignment
Jeff Ferro, CEO of Baker Tilly, underscored the strategic alignment between the two firms: “Moss Adams is a great strategic fit with Baker Tilly. We’ve long respected the firm, its people and its industry-focused approach. By bringing together our strengths, we are expanding our ability to serve middle-market businesses with greater expertise, resources and insights.”
Eric Miles, Chairman and CEO of Moss Adams, emphasized the benefits to clients and professionals: “The resources, geographic reach and go-to-market strength of the combined firm magnifies opportunities for our people to grow, collaborate and innovate. We are proud to offer our clients these expanded resources to deliver even greater value and set a new standard for advisory services in the middle market.”
Blake Kleinman, Partner at H&F, commented: “Since we invested in Baker Tilly, we have been focused on building a differentiated firm with the ambition to change the game in the middle-market accounting industry. This landmark merger between Baker Tilly and Moss Adams is an important step in creating a firm that will be the destination of choice for the industry’s best talent and for firms considering their strategic options in a rapidly evolving sector.”
A Step Forward for the Middle Market
Both firms have a century-old history and commitment to fostering a people-first culture, supporting professionals with career development pathways, mentorship and specialized resources. This commitment to people and delivering on behalf of middle-market clients will be strengthened as they combine forces.
Barry Melancon, strategic advisor to Baker Tilly, former longtime AICPA CEO and independent chair-elect of the Baker Tilly International board of directors, highlighted the relevance of the transaction: “The CPA and advisory profession requires firms to operate effectively at the local, national and global levels. This combination brings together two firms at the forefront of the profession, further empowering them to deliver on their commitment to serving their clients as the needs of middle-market businesses evolve.”
Simpson Thacher & Bartlett LLP and Vedder Price PC served as legal advisors to Baker Tilly. Deutsche Bank Securities Inc. served as financial advisor and Dechert LLP as legal advisor to Moss Adams.
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Source – PR Newswire
