Baker Tilly, a Chicago-based advisory and accounting firm, announced plans to merge with Seattle-headquartered Moss Adams in a deal valued at $7 billion, creating what would become the sixth-largest advisory certified public accountant firm in the United States.
The transaction, expected to close in early June, comes amid broader consolidation across the professional services industry as mid-market firms seek national scale. The combined entity will operate under the Baker Tilly name, with its audit businesses forming Baker Tilly US, LLP. Advisory, tax, and consulting operations will fall under Baker Tilly Advisory Group, LP.
Jeff Ferro, current chief executive of Baker Tilly, will continue leading the merged firm until his planned retirement at the end of the year. Eric Miles, chief executive of Moss Adams, will assume the CEO position on Jan. 1, 2026. Ferro is expected to remain on the board of directors following the leadership transition.
Private equity firm Hellman & Friedman, an existing investor in Baker Tilly, along with Valeas Capital Partners, will invest in the combined company. According to Eric Miles, the merger will enhance growth, collaboration and innovation opportunities for staff across the new organization.
The deal comes at a time of subdued merger activity in the United States, as businesses face tighter credit conditions and policy uncertainty stemming from President Donald Trump's ongoing tariff agenda. Michael Ashley Schulman, chief investment officer at Running Point Capital, said the merger signals that mid-sized firms must scale or risk obsolescence. “Scale is no longer optional, it's survival,” Schulman said in a statement.
