Baker Tilly, a US advisory, tax, and assurance firm, is in discussions to acquire local rival Moss Adams in a deal valued at more than $2bn, reported Financial Times, citing sources.
The Chicago-based firm, which sold a majority stake to a private equity consortium led by Hellman & Friedman in February 2024, aims to accelerate acquisitions and increase its market share in the rapidly consolidating accounting and consulting sector.
The addition of Seattle-based Moss Adams is expected to boost Baker Tilly’s annual revenues to more than $3bn.
Outside the Big Four accountancies, only RSM would surpass Baker Tilly in size within the US.
The merger is being promoted as the creation of a “powerhouse for the middle market,” although the deal is yet to be finalised, a source said.
The sale is anticipated to provide significant returns for the more than 400 partners of Moss Adams.
In the past four years, more than one-third of the top 30 firms have moved away from the traditional partnership model, opting for outside capital.
Private equity investors are drawn to the stable revenues from audit and tax services and the potential to transform large firms into “platform” companies capable of acquiring smaller competitors and achieving savings through consolidation.
Moss Adams declined to comment on the matter.
Baker Tilly stated: “We have been transparent about our strategy to grow our organisation through strategic mergers” and are “continually exploring opportunities with respected firms that align with our growth expectations”.
The surge in dealmaking has left mid-tier partnerships considering whether to pursue acquisitions at high valuations or sell to a rival.
The merger with Baker Tilly will not only expand Moss Adams’ scale in the US but also provide access to Baker Tilly’s global network of sister firms operating in 143 territories.
As small and medium-sized businesses increasingly operate internationally, US accounting firms are strengthening their global networks to offer seamless cross-border services.
In March 2025, Baker Tilly acquired Invoke Tax Partners, a state and local tax specialty firm based in Dallas, Texas.
