Baker Tilly, Moss Adams merge to create 6th-largest US CPA firm

A merger of top-15 accounting firms Baker Tilly and Moss Adams will create the nation’s sixth-largest advisory CPA firm.

The deal is expected to officially close in early June, according to a news release.

“By bringing together our strengths, we are expanding our ability to serve middle-market businesses with greater expertise, resources, and insights,” Baker Tilly CEO Jeff Ferro, CPA, said in the release.

Ferro will serve as CEO of the combined firm through his retirement at the end of the year, and Moss Adams CEO Eric Miles will replace Ferro on Jan. 1, 2026.

“The resources, geographic reach, and go-to-market strength of the combined firm magnifies opportunities for our people to grow, collaborate, and innovate,” Miles said.

The firms’ audit businesses will combine as Baker Tilly US, LLP, and the firms’ business advisory, tax, and other services will combine under Baker Tilly Advisory Group, LP. Both entities will remain partnerships. The CEOs said in an interview with The Wall Street Journal that the combined firm expects to generate annual revenue of $6 billion by 2030.

Barry Melancon, CPA, CGMA, the former AICPA & CIMA CEO now serving as a strategic adviser to Baker Tilly and independent chair-elect of the Baker Tilly International board of directors, said: “This combination brings together two firms at the forefront of the profession, further empowering them to deliver on their commitment to serving their clients as the needs of middle-market businesses evolve.”

As part of the transaction, private-equity firm Hellman & Friedman, an existing investor in Baker Tilly, will make an additional strategic investment. Existing shareholder Valeas Capital Partners also will increase its investment, according to the release.

— To comment on this article or to suggest an idea for another article, contact Bryan Strickland at Bryan.Strickland@aicpa-cima.com.