TFS Gulf 
- UK accounting firm MHA (MacIntyre Hudson LLP), a member of the Baker Tilly International network, is on a serious growth mission.
- Fresh off its IPO on the London Stock Exchange (long-awaited £271m IPO), MHA is set to acquire Baker Tilly South-East Europe for €24 million!
- MHA is using its IPO cash exactly as promised — to scale fast through strategic M&As.
First, who is MHA?
MHA (MacIntyre Hudson LLP) is a 100-year-old+ UK-based accounting and advisory firm that offers a full range of professional services
MHA is a member of Baker Tilly International, a top 10 global accounting network
In April 2025, MHA became one of the first UK accounting firms to go public, listing on the London Stock Exchange.
That move gave them access to something most firms can only dream of: External capital at scale.
That means:
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No more slow growth through internal partner contributions.
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No more depending on debt alone.
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And a whole new level of agility in acquisitions, tech, and talent.
Now, just weeks after their IPO, they’re making good on that promise — acquiring Baker Tilly South-East Europe for €24 million.
A bold move that expands their reach into Greece, Cyprus, and the broader European region.
Can Accounting Firms go public?
Well, traditionally, firms like MHA are structured as “partnerships”.
This means they are:
- Owned by a group of Partners.
- Have no public shares.
- Profits are split internally.
- Growth is funded through retained earnings or bank loans.
But MHA chose a different route.
It restructured into a corporate entity, paving the way for external investors to buy shares and back its growth.
Why this deal matters?
Baker Tilly South-East Europe is a major player in the region, with over 400 professionals across:
- Cyprus
- Greece
- South-East Europe
They provide a full suite of services:
- Audit
- Tax
- Advisory
- Legal
- Corporate services
The acquisition is part of a larger strategy to grow fast across Europe.
It not only deepens MHA’s footprint in mainland Europe, but also expands their audit, tax, and advisory capabilities.
This deal makes them a perfect strategic fit for MHA’s pan-European ambitions!
Also read: Baker Tilly US & Moss Adams merge in $7B deal…To become 6th largest US CPA Firm!
What the leaders are saying
Rakesh Shaunak, CEO and Chairman of MHA:
“This is exactly the kind of deal we aimed for post-IPO. A strong strategic fit, better service for clients, and more opportunities for our people.”
Francesca Lagerberg, CEO of Baker Tilly International:
“This shows how powerful collaboration in our global network can be. These two firms already work well together — now they’ll go even further.”
Also read: Baker Tilly acquires Alirrium, a leader in Robotic Process Automation
What’s happening at Baker Tilly International (Global)
In 2024, Baker Tilly US secured a $1 billion investment from private equity firms!
Aggressive Acquisitions: Baker Tilly has been in M&A mode:
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Hayflich CPAs (Mid-Atlantic)
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CironeFriedberg (Connecticut)
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Hancock Askew (Southeast)
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Invoke Tax Partners (speciality tax)
European Expansion: MHA (UK) — a Baker Tilly International member:
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Went public on the London Stock Exchange
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Acquired Baker Tilly South-East Europe for €24M (Cyprus, Greece, etc.) This is part of a clear play to expand their footprint across mainland Europe.
Global Expansion Strategy: Baker Tilly International has been actively supporting member firms in expanding through M&A. Most moves are driven by Baker Tilly US, which has made multiple acquisitions in the past year to strengthen its position in key regions.
A $7 Billion move in the US: Baker Tilly US announced a massive $7 billion merger with Moss Adams in April 2025 — set to make them the 6th-largest accounting firm in the U.S!
Focus on Digital Transformation: Baker Tilly International has been vocal about integrating technology, especially AI and data analytics, across member firms. This is part of their “Now, for tomorrow” strategy.
Talent Mobility & Collaboration: The network has been encouraging greater talent sharing across regions and launching programs to deepen cross-border collaboration between firms.
Across continents, Baker Tilly firms are leveraging the power of local independence and global alignment!
Why this matters for the Industry
This deal shows a few big trends:
The old partner-owned model is being disrupted. IPOs let firms unlock capital — and scale in ways never seen before.
Accounting firms are no longer just about audit and tax. They’re becoming advisory-driven, tech-savvy, and globally integrated.
Global networks like Baker Tilly are behaving more like tech companies. Agile, acquisitive, and ambitious.
Private equity and public markets are waking up to accounting firms. Valuation potential, recurring revenues, and sticky client relationships are attractive.
