Baker Tilly and Moss Adams Announce a Strategic Merger to Transform Advisory Services

Two Firms Unite to Transform Advisory Services

In a significant development for the accounting industry, Baker Tilly and Moss Adams have announced a strategic merger that aims to reshape advisory and accounting services targeted at the middle market. This monumental move, supported by private equity firm Hellman & Friedman, will create the sixth largest advisory CPA firm in the United States, set to finalize in early June 2025.

Strategic Alignment and Leadership Transition

The merger will see Baker Tilly and Moss Adams combine their strengths under the Baker Tilly name, an initiative led by Jeff Ferro, CEO of Baker Tilly, who will continue to guide the firm until his retirement. Eric Miles, who currently heads Moss Adams, has been appointed as CEO-elect, set to take over the reins on January 1, 2026. This leadership evolution emphasizes a commitment to long-term growth strategies and innovative solutions tailored to the needs of middle-market clients.

Ferro expressed great enthusiasm about the strategic fit, stating, “Moss Adams is a fantastic match for Baker Tilly. Our long-standing respect for their industry-driven approach and talented people will empower us to provide enhanced services to our clients in the middle market.” In line with this vision, Miles highlighted that this merger brings invaluable resources and expertise designed to benefit clients and employees alike, nurturing opportunities for growth, collaboration, and innovation.

Benefits of the Merger

The newly formed entity will boast enhanced capabilities across advisory, tax, and assurance services, significantly expanding its geographic reach. The merger is also expected to attract the best talent in the industry, driven by the firms' collective vision of creating a destination for professionals wanting to excel in middle-market accounting.

Moreover, Hellman & Friedman’s additional investment signifies robust confidence in this merger’s prospective impact, as they aim to establish a firm poised for sustainable growth. Existing shareholder Valeas Capital Partners is also increasing its investment, reinforcing the financial stability of the merged entity.

Both firms feature deep-rooted histories of over a century, marked by a commitment to people-first cultures that prioritize career development, mentorship, and specialized resources. As they combine forces, this commitment is set to strengthen, ultimately enhancing their ability to serve the evolving needs of middle-market businesses effectively.

Barry Melancon, a strategic advisor to Baker Tilly and former CEO of AICPA, noted the importance of this transaction, stating, “Firms must operate effectively on local, national, and global levels. This combination positions both companies at the forefront of the profession, empowering them to serve clients as the landscape of middle-market businesses evolves.”

Additional Insights from Legal and Financial Advisors

Baker Tilly engaged Simpson Thacher & Bartlett LLP and Vedder Price PC as legal advisors for this merger, while Moss Adams enlisted Deutsche Bank Securities Inc. for financial advisory services and Dechert LLP for legal counsel. Their collective expertise is expected to facilitate a seamless transition into this new era for the advisory sector.

About the Firms

Baker Tilly, known for its extensive advisory, tax, and assurance services, operates across key markets in the U.S. and internationally. With a combined revenue of $5.62 billion and a workforce of 43,500 professionals, Baker Tilly is an independent member of Baker Tilly International. Moss Adams, similarly a leader in accounting and consulting, has 4,800 professionals across 30 locations, leveraging global alliances to meet client needs effectively.

As the accounting landscape continues to evolve, the Baker Tilly and Moss Adams merger symbolizes a proactive approach to delivering value and setting new standards within the industry. Stakeholders eagerly anticipate how this game-changing partnership will unfold, ultimately benefitting middle-market businesses nationwide.