Wedding bells are ringing as top 15 accounting firms Baker Tilly and Moss Adams are indeed getting hitched.
Financial terms of the megamerger, which was announced on Monday, weren’t disclosed, although several media outlets are reporting that the deal is valued at roughly $7 billion.
As a result of the deal, which is expected to close in early June, the combined firm is expected to be the sixth largest in the U.S. by revenue, totaling more than $3 billion. According to INSIDE Public Accounting, Chicago-based Baker Tilly had revenue of nearly $1.8 billion, and Seattle-based Moss Adams brought in $1.26 billion in revenue during their most recent fiscal years.
Baker Tilly and Moss Adams will unite under the Baker Tilly name, according to an April 21 media release.
- Related article: Sounds Like Baker Tilly and Moss Adams Are Getting Hitched
- Related article: Baker Tilly Gets Big Private Equity Boost From H&F and Valeas
Baker Tilly CEO Jeff Ferro will continue to serve as CEO of the combined firm through his retirement, with current Moss Adams CEO Eric Miles named CEO-elect. Miles will take over as Baker Tilly CEO on Jan. 1, 2026, with Ferro remaining a director on Baker Tilly’s board.
The deal strengthens the combined firm’s industry specialization, expands its geographic reach, and enhances its capabilities across advisory, tax, and assurance services, officials say. The firms called the deal “a transformative move that redefines advisory and accounting services for the middle market.”
“Moss Adams is a great strategic fit with Baker Tilly. We’ve long respected the firm, its people, and its industry-focused approach,” Ferro said in a statement. “By bringing together our strengths, we are expanding our ability to serve middle-market businesses with greater expertise, resources, and insights.”
Miles added, “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.”
As part of the transaction, private equity firms Hellman & Friedman and Valeas Capital Partners, which bought a stake in Baker Tilly in early 2024, will keep the capital flowing into the combined firm. The media release says H&F “will make a meaningful additional strategic investment in the business” and Valeas will also increase its investment.
“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,” Blake Kleinman, partner at H&F, said in a statement.
When Baker Tilly announced its partnership with the two private equity firms in February 2024, the firm said the investment provides it with access to additional capital and capabilities to “accelerate growth through investments in talent, technology and further strategic acquisitions directed at providing best-in-class client services.”
Since receiving that infusion of private equity, Baker Tilly has made at least a half a dozen acquisitions of smaller firms, including top 100 California-based CPA firm Seiler last May and top 200 Georgia-based accounting firm Hancock Askew this past February. The merger with Moss Adams is likely the largest M&A deal in Baker Tilly’s history.
The Wall Street Journal wrote on April 9 that the deal would give Baker Tilly a greater presence on the West Coast and Moss Adams more international operations. Baker Tilly is part of the Baker Tilly International global network of accounting firms, which has nearly 700 offices in 143 territories around the world. The network pulled in global revenue of $5.62 billion for the financial year ending Dec. 31, 2024.
After the deal is finalized, 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. Both entities will remain partnerships, with all principals holding equity alongside H&F and Valeas in Baker Tilly Advisory Group.
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.
The top 10 accounting firms in the U.S. by revenue at the end of this year could end up looking like this:
- Deloitte
- PwC
- EY
- KPMG
- RSM US
- Baker Tilly
- CBIZ or BDO USA
- CBIZ or BDO USA
- Grant Thornton
- Forvis Mazars
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