Baker Tilly said it will merge with Seattle’s Moss Adams in a $7 billion deal that will create the sixth-largest advisory CPA firm in the US.
The merger is expected to be finalised in early June, marking a significant advancement in the middle market for both firms, which offer a range of accounting, tax, and consulting services.
“This merger is a strategic bet on the future of professional services – scale is no longer optional, it’s survival. Mid-sized firms either scale nationally or risk becoming obsolete,” said Michael Ashley Schulman, chief investment officer at Running Point Capital.
The deal comes at a challenging time for mergers and acquisitions in the US, with dealmakers adopting a “wait-and-see” approach amid uncertainty surrounding President Donald Trump’s tariff policies.
“In a cautious M&A environment defined by tighter credit and economic uncertainty, this merger reflects a strategic, long-term view,” Schulman added.
The combined entity will continue to operate under the Baker Tilly name, with the audit businesses combining as Baker Tilly US, LLP.
The firms’ business advisory, tax and other services will combine under Baker Tilly Advisory Group, LP. Both the entities will remain in partnership.
Private equity firm Hellman & Friedman, an existing investor in Baker Tilly, will make a strategic investment in the combined entity, along with Valeas Capital Partners.
“The resources, geographic reach, and go-to-market strength of the combined firm magnifies opportunities for our people to grow, collaborate and innovate,” said Eric Miles, Chairman and CEO of Moss Adams.
Baker Tilly’s CEO Jeff Ferro will lead the merged firm as chief executive until his retirement, after which Eric Miles will assume the role on January 1, 2026.
Ferro will remain a director on Baker Tilly’s board after passing the mantle.
