Publication date:
June 7, 2025
Baker Tilly and Moss Adams Merge to Form 6th Largest US Accounting Firm
Baker Tilly and Moss Adams have merged, creating the 6th largest accounting firm in the US with a combined annual revenue of over $3 billion.
Governance
In a significant development for the accounting industry, Baker Tilly and Moss Adams have announced their merger, creating a powerhouse that now ranks as the 6th largest accounting firm in the United States. The combined entity, which will retain the Baker Tilly name, boasts an impressive annual revenue exceeding $3 billion and a workforce of 11,500 employees.
This strategic move represents a major shift in the mid-market consulting landscape, surpassing competitors such as BDO, Grant Thornton US, and CLA. The merger is particularly noteworthy as it highlights the growing influence of private equity in the accounting sector. Baker Tilly, having sold a stake to private investment groups Hellman & Friedman (H&F) and Valeas in 2024, is now the largest firm in the industry with partial private equity ownership.
Jeff Ferro, CEO of Baker Tilly, emphasized the strategic nature of the merger, stating, "We just added a bunch of arrows into our quiver." The deal aligns with Baker Tilly's growth-through-acquisition strategy, which was a key factor in H&F's initial investment. As part of this transaction, H&F will make an additional "meaningful strategic investment" in the business.
The merger offers several strategic advantages, including expanded geographic reach. Moss Adams brings a strong West Coast presence to complement Baker Tilly's established foothold in the East, central regions, and international markets. Both firms contribute unique industry strengths and service capabilities, enhancing their collective offering to clients.
Eric Miles, former CEO of Moss Adams and incoming CEO of Baker Tilly, highlighted the changing needs of mid-market clients as a driving force behind the merger. He noted that clients increasingly require greater scale and breadth of services, while firms face rising demands for fixed costs such as training, development, and AI implementation.
Looking ahead, Ferro projected ambitious growth, stating, "I see us being a $6 billion revenue organization in five years," which would effectively double their current combined revenues. This merger positions the new Baker Tilly to better navigate the evolving landscape of mid-market accounting and consulting services, potentially reshaping competition in the industry.
The deal also underscores the ongoing transformation of traditional accounting firm structures, as private equity involvement challenges the conventional partner-driven model. This shift may lead to significant changes in firm culture, decision-making processes, and overall business strategies within the accounting sector.
As the newly merged Baker Tilly sets its sights on future growth and innovation, the accounting industry will be watching closely to see how this consolidation impacts market dynamics and client services in the years to come.
This strategic move represents a major shift in the mid-market consulting landscape, surpassing competitors such as BDO, Grant Thornton US, and CLA. The merger is particularly noteworthy as it highlights the growing influence of private equity in the accounting sector. Baker Tilly, having sold a stake to private investment groups Hellman & Friedman (H&F) and Valeas in 2024, is now the largest firm in the industry with partial private equity ownership.
Jeff Ferro, CEO of Baker Tilly, emphasized the strategic nature of the merger, stating, "We just added a bunch of arrows into our quiver." The deal aligns with Baker Tilly's growth-through-acquisition strategy, which was a key factor in H&F's initial investment. As part of this transaction, H&F will make an additional "meaningful strategic investment" in the business.
The merger offers several strategic advantages, including expanded geographic reach. Moss Adams brings a strong West Coast presence to complement Baker Tilly's established foothold in the East, central regions, and international markets. Both firms contribute unique industry strengths and service capabilities, enhancing their collective offering to clients.
Eric Miles, former CEO of Moss Adams and incoming CEO of Baker Tilly, highlighted the changing needs of mid-market clients as a driving force behind the merger. He noted that clients increasingly require greater scale and breadth of services, while firms face rising demands for fixed costs such as training, development, and AI implementation.
Looking ahead, Ferro projected ambitious growth, stating, "I see us being a $6 billion revenue organization in five years," which would effectively double their current combined revenues. This merger positions the new Baker Tilly to better navigate the evolving landscape of mid-market accounting and consulting services, potentially reshaping competition in the industry.
The deal also underscores the ongoing transformation of traditional accounting firm structures, as private equity involvement challenges the conventional partner-driven model. This shift may lead to significant changes in firm culture, decision-making processes, and overall business strategies within the accounting sector.
As the newly merged Baker Tilly sets its sights on future growth and innovation, the accounting industry will be watching closely to see how this consolidation impacts market dynamics and client services in the years to come.
