Baker Tilly US & Moss Adams merge in $7B deal…To become 6th largest US CPA Firm!

• On April 21, 2025, Baker Tilly US dropped the news; of a mega-merger with Moss Adams.
• This merger will create the sixth-largest CPA firm in the U.S. and is expected to be finalized by early June 2025!
• Focus: Be the largest provider in the “middle-market space”.
• FYI: In 2024, Baker Tilly received a major investment (around $1 billion) from private equity firms!

Baker Tilly US & Moss Adams merger overview

• The merger is valued at a staggering $7 billion. And, if all goes according to plan, by 2030 the firm could be valued at a whopping $18 billion! 
• Together, the firms currently generate $3 billion in annual revenue (Moss Adams $1.3Bn & Baker Tilly US $1.8 Bn)
• As reported by the Wall Street Journal the firm is aiming to 2x its revenue to $6 billion by 2030!

The combined firm will operate under Baker Tilly’s brand name; more specifically, Baker Tilly US for audit services and Baker Tilly Advisory Group for non-audit services.

The other member firms (firms outside the U.S.) known as Baker Tilly International, are excluded from the transaction.

Also read: ASA joins Baker Tilly International: A huge milestone for the 1000-member Indian Accounting firm

How will this deal benefit both firms?

• Enhance the firms’ industry specialization
• Expand its geographic reach
• Enhance its capabilities across advisory, tax and assurance services
• Moreover, this deal is set to help “middle-market businesses” navigate an increasingly complex landscape!

Baker Tilly US composition after the merger

• The new firm will have about 11,500 people.
• This includes 600 partners from Baker Tilly and 403 from Moss Adams.

Guess what…Partners will have majority ownership, (which is rare and seen as attractive for recruitment!)

Who will lead Baker Tilly US after the merger?

For now, Jeff Ferro, the CEO of Baker Tilly, will serve as the CEO of the combined firm.

But on January 1 2026, Jeff retires and Eric Miles, the current CEO of Moss Adams, will take over as CEO!

Ferro will remain on Baker Tilly’s board as a director thereafter.

Key investors behind Baker Tilly-Moss Adams deal

The merger is backed by a mix of private equity and private credit.

PE firms Hellman & Friedman (H&F) and Valeas Capital Partners, (existing PE investors of Baker Tilly), are deepening their commitment.

• As part of this deal, Hellman & Friedman (H&F) will make a significant additional strategic investment.
• Valeas Capital Partners will also increase its investment in the newly combined firm.
• Post-merger, Hellman & Friedman and Valeas Capital Partners will jointly own less than 50% of the combined firm. A reduced stake but a much bigger investment overall!

Private Credit: Additional private credit is being raised to support the transaction.

Also read: Baker Tilly acquires Alirrium, a leader in Robotic Process Automation

Baker Tilly vs. Moss Adams

Baker Tilly

Baker Tilly US, LLP is a licensed independent CPA firm that provides attest services to its clients.

Baker Tilly Advisory Group, LP and its subsidiary entities provide tax and business advisory services to their clients.

• Baker Tilly US employs 7,078 employees. (And yes Baker Tilly Global employs more than 43,000 professionals worldwide, serving clients in over 141 territories.)
• Baker Tilly US reported a revenue of $1.8 billion in 2024

Services: 

• Assurance
• Consulting
• Digital Solutions
• Private Wealth
• Risk Advisory
• Tax
• Transactions
• Artificial Intelligence

In 2024, Chicago-based accounting firm Baker Tilly received a major investment from private equity firms Hellman & Friedman (H&F) and Valeas Capital Partners.

Together, the two firms bought just over half of Baker Tilly for around $1 billion—most of it (over $900 million) coming from H&F.

Moss Adams

Moss Adams LLP is a leading accounting, consulting and wealth management firm serving clients nationally and in 110 countries.

• 15 largest public accounting firms in the US
• Employs more than 4,800 professionals, operating from 30 locations across the U.S.

According to Accounting Today, Moss Adams reported a revenue of approximately $1.3 billion in 2024.

Yes, Moss Adams has an office in India!

Services:

• Assurance
• Tax
• Consulting

Is Baker Tilly a top 10 firm?

Yes, Baker Tilly US is the ninth-largest accounting firm in the world, generating over $1.8 Billion in 2024.

Now with this merger with Moss Adams, the combined firm is projected to become the sixth-largest firm!

FYI: Global revenues of top 10 accounting firms

• Deloitte: $67.2 billion
• PwC: $55.4 billion
• EY: $51.2billion
• KPMG: $38.4 billion
• BDO: $14 billion
• RSM: $10 billion
• Grant Thornton: $8 billion
• Crowe: $ 5.8 billion
• Baker Tilly: $5.6 billion (They will now move to No 6!)
• Forvis Mazars: $5.2 billion

This is huge. And it’s not just a US story...

Behind the scenes…A quiet but strategic move by Moss Adams may have tipped the scales: their India office.

Established in 2021 their Bengaluru office is led by Balaji Iyer and backed by David Follett.

This India presence may have been the X-factor that made Moss Adams irresistible…to both Baker Tilly and the private equity giants — Hellman & Friedman and Valeas Capital!