Baker Tilly US and Moss Adams merger…Poised to become the 6th largest US CPA Firm!

• A new merger (Yet to be finalized) has shaken up the global accounting landscape!
• Which firms are joining hands? Baker Tilly US and Moss Adams.
• The combined firm could even surpass BDO, CBIZ, and Grant Thornton in revenue.

What’s happening?

On April 21, 2025, Baker Tilly US dropped the news; a mega-merger with Moss Adams.

This merger will create the 6th largest CPA firm in the U.S., expected to be finalized by early June this year.

Most importantly, it is set to reshape advisory and accounting services for the middle market.

About Baker Tilly

Baker Tilly is a renowned advisory, tax and assurance firm.

• 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.

Headcount:

The firm employs more than 43,000 professionals worldwide, serving clients in over 141 territories.

Revenue:

Baker Tilly reported a revenue of $1.8 billion in 2024.

Services: 

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

About Moss Adams

Moss Adams LLP is a leading accounting, consulting and wealth management firm serving clients nationally and in 110 countries. It is one of the 15 largest public accounting firms in the US.

Headcount:

The firm employs more than 4,800 professionals, operating from 30 locations across the U.S.

Revenue:

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

Services:

• Assurance
• Tax
• Consulting

Details of the transaction

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

Private Equity:

PE firms Hellman & Friedman (H&F) and Valeas Capital Partners, (Existing 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 US and Moss Adams merger overview

• Deal Value: The merger is valued at a staggering $7 billion.
• Combined 2024 Revenue: Together, the firms currently generate $3 billion in annual revenue.
• Projected 2030 Revenue: According to Moss Adams’ CEO, the combined firm is aiming to double their revenue to about $6 billion by 2030, as reported by the Wall Street Journal.
• Estimated 2030 Valuation: And, if all goes according to plan, the firm could be valued at around $18 billion by 2030.

But there is a catch…

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

Partners from Baker Tilly and Moss Adams will have majority ownership, (Which is rare and seen as attractive for recruitment!)

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

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

How will this deal benefit both firms?

• The merger would 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

Team 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.

Leadership reshuffle?

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

Eric Miles, the current CEO of Moss Adams, will take over as CEO on January 1, 2026, following Ferro’s retirement.

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

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

Wrapping up

This transaction marks the second-largest private equity stake sale in the accounting industry, second only to Grant Thornton. A growing trend in the global accounting industry over recent years!

Why is it a big deal?

Firms are reshaping their global strategy, talent approach, and delivery models.

Safe to say, that it’s not just a pivotal event for the U.S. but a defining moment for the entire professional services sector.

FAQs

Q: Is Baker Tilly a top 10 firm?

Yes, Baker Tilly is the ninth largest accounting firm in the world, generating over $1.8 Billion in 2024. And now with this merger with Moss Adams, the combined firm is projected to become the sixth largest firm.

Q: How does private equity benefit accounting firms?

Private equity firms can help accounting firm massively by contributing capital, implementing more robust organizational structures, and bringing in objective leadership.  They also bring operational expertise to improve efficiency and competitiveness.

Q: Why are PE firms investing in accounting firms?

Often PE firms acquire multiple CPA firms and consolidate them to capture the economies of scale that larger organizations can achieve. Their end goal? To generate attractive returns on their investments.