Baker Tilly and Moss Adams to Combine to Create an Industry-Defining Advisory and Accounting Firm in a Strategic Merger Backed by Hellman & Friedman

Expanded industry specialization, geographic reach and private equity investment position the firm for long-term growth and innovation.

CHICAGO and SEATTLE (April 21, 2025) – In a transformative move that redefines advisory and accounting services for the middle market, Baker Tilly and Moss Adams today announced their planned combination to create the sixth largest advisory CPA firm in the US. Expected to close in early June of this year, the combination strengthens the firms’ industry specialization, expands its geographic reach and enhances its capabilities across advisory, tax and assurance services.

With complementary strengths and a shared commitment to client success, Baker Tilly and Moss Adams will unite under the Baker Tilly name, forming a leading firm positioned to help middle-market businesses navigate an increasingly complex environment. Jeff Ferro, CEO of Baker Tilly, will serve as CEO of the combined firm through his retirement, with Eric Miles, currently Moss Adams CEO, named CEO-elect. Miles will assume the role of CEO on January 1, 2026, with Ferro remaining a director on Baker Tilly’s board thereafter.

As part of this transaction, private equity firm Hellman & Friedman (H&F), an existing investor in Baker Tilly, will make a meaningful additional strategic investment in the business, with existing shareholder Valeas Capital Partners (Valeas) also increasing its investment. Following the deal close, Moss Adams and Baker Tilly’s audit business will combine as Baker Tilly US, LLP and the firms’ business advisory, tax and other services will combine under Baker Tilly Advisory Group, LP (BTAG). Both entities will remain partnerships, with all principals holding equity alongside H&F and Valeas in BTAG.