Baker Tilly is preparing a $7 billion merger with Moss Adams, another advisory firm. The deal is set to close in early June.
The deal is unlikely to impact municipal advisory services. Unlike Baker Tilly, neither Moss Adams nor any of its staff are registered on the
Moss Adams will assume the Baker Tilly name. The Seattle-based accounting, consulting and wealth management firm employs more than 4,800 workers across 30 locations, primarily in the Southwest.
Baker Tilly, whose U.S. division is headquartered in Chicago, employs 43,000 workers across 141 territories. Its CEO, Jeff Ferro, will lead the combined firm until Jan. 1, 2026, at which point current Moss Adams CEO Eric Miles will take over as CEO of the merged company.
"Like Baker Tilly, Moss Adams is a respected leader in the geographies it serves," Ferro said in a statement shared with The Bond Buyer. "By combining we're enhancing and expanding the ways we serve the middle market by building deeper industry expertise with local connections in even more markets."
The merger will not bring any new municipal staff to Baker Tilly's existing roster, but it will expand the firm's range of geographic opportunities, a Baker Tilly spokesperson said.
"The combination enhances our ability to serve public sector clients by expanding our national reach, deepening our bench of professionals and broadening our service offerings," the spokesperson said. "We see this as an opportunity to bring even more value to governmental entities through integrated solutions and continued investment in the services they rely on most."
The spokesperson downplayed the likelihood of significant cuts to improve efficiencies.
"We expect minimum changes to client-facing teams," the spokesperson said. "This combination is not about cost savings; it's about accelerating organic growth."
Ferro said in a statement that the merger is a good fit both strategically and culturally.
"Moss Adams shares our strategic focus and cultural values," he said. "This merger creates an unprecedented opportunity to bring forth the best of both organizations — from strong leaders to tried-and-true best practices — to enhance and expand our service offerings for clients and cultivate an environment where our professionals thrive."
The merged firm will become the number six accounting firm in the U.S.
