Chicago-based IPA 100 firm Baker Tilly (FY24 net revenue of $1.72 billion) and Seattle-based IPA 100 firm Moss Adams (FY23 net revenue $1.26 billion) 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.
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 Jan. 1, 2026, with Ferro remaining a director on Baker Tilly’s board thereafter.
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.
“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,” commented Ferro, CEO, Baker Tilly.
Allan D. Koltin, CEO of Koltin Consulting Group (who has previously advised Baker Tilly and Moss Adams on Strategy and M&A) commented, “Just when we thought nothing could get any bigger in CPA firm M&A than FORVIS (formerly BKD and Dixon Hughes), and CBIZ (formerly CBIZ and Marcum), here comes Baker Tilly and Moss Adams (potentially) combining to create the 6th largest CPA firm in the country (only behind the Big Four and RSM). After the combination, Baker Tilly will become the largest (non-Big Four) CPA firm in the Western region and Moss Adams will become part of a Top 10 Global Network. Additionally, both firms will bring over their unique areas of industry specialization and service line expertise which should provide robust organic growth opportunities to the combined firm. As a 44-year veteran and advisor to the accounting profession, I dare say there has been more change and transformation in the accounting profession in the past 4 years than the 40 prior years combined!”
