MUMBAI: Two accounting heavyweights are shaking up the middle-market landscape. On 23 April 2025, Baker Tilly and Moss Adams announced their planned merger in a strategic union set to create the sixth-largest advisory CPA firm in the United States. The deal is expected to close by early June.

Uniting under the Baker Tilly name, the merged entity will deepen its specialisation in advisory, tax, and assurance services while significantly expanding its geographic footprint. The move is designed to help middle-market businesses navigate a tightening maze of regulation, innovation, and global competition.

The leadership baton will pass in stages. Baker Tilly CEO Jeff Ferro will helm the combined firm until his retirement, after which Moss Adams CEO Eric Miles will take over on 1 January 2026. Ferro will stay on as a director on Baker Tilly’s board.

Backed by private equity firm Hellman & Friedman—alongside an increased stake from Valeas Capital Partners—the merger includes a new equity structure. Post-merger, the firms’ audit arms will operate under Baker Tilly US, LLP, while their advisory, tax, and other services will function as Baker Tilly Advisory Group, LP (BTAG). Both structures will remain partnerships with principals retaining equity.

"Moss Adams is a great strategic fit with Baker Tilly. 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," said Ferro.

Miles added, "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."

Hellman & Friedman partner Blake Kleinman called the deal a landmark step, stating, "This landmark merger between Baker Tilly and Moss Adams is an important step in creating a firm that will be the destination of choice for the industry’s best talent and for firms considering their strategic options in a rapidly evolving sector."

The firms bring with them over 100 years of experience and a shared ethos focused on people-first cultures and long-term client value. Baker Tilly International’s board chair-elect & former AICPA CEO, strategic advisor Barry Melancon remarked, "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."

Legal advisory on the deal was handled by Simpson Thacher & Bartlett LLP and Vedder Price PC for Baker Tilly, while Moss Adams was advised by Deutsche Bank Securities Inc. and Dechert LLP.