Baker Tilly US and Moss Adams to merge in $7b deal

Baker Tilly and Moss Adams have recently announced a definitive agreement to merge, forming the sixth-largest accounting and advisory firm in the United States.

The $7 billion deal brings together two leading firms with shared values and a focus on growth, innovation, and service to the middle market, a press release said. The combined entity will operate under the Baker Tilly name and the deal is expected to close in June 2025.

Audit services will operate as Baker Tilly US, LLP, while advisory, tax, and other services will be delivered under Baker Tilly Advisory Group, LP. The combined firm will be powered by over 11,500 professionals, aiming to reach $6 billion in annual revenue by 2030.

Jeff Ferro, CEO of Baker Tilly US, will serve as CEO of the combined firm through his retirement at the end of the year, with Eric Miles, Moss Adams CEO, will succeed Ferro on 1 January 2026, with Ferro remaining a director on the board thereafter. Private equity firms Hellman & Friedman and Valeas Capital Partners, existing investor and shareholder in Baker Tilly US respectively, will continue as investors, increasing their stakes while enabling firm partners to retain majority ownership.

Jeff Ferro, CEO of Baker Tilly US, underscored the strategic alignment between the two firms: “Moss Adams is a great strategic fit with Baker Tilly US. 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.”

Eric Miles, Chairman and CEO of Moss Adams, emphasised the benefits to clients and professionals: “The resources, geographic reach and go-to-market strength of the combined firm magnifies opportunities for our people to grow, collaborate and innovate. We are proud to offer our clients these expanded resources to deliver even greater value and set a new standard for advisory services in the middle market.”

This transformative move is expected to redefine advisory and accounting services for the middle market, forming a leading firm with enhanced capabilities, positioned to help middle-market businesses navigate an increasingly complex environment.