Chicago’s Baker Tilly merging with Seattle accounting firm in $7 billion deal

Chicago-based accounting firm Baker Tilly and Seattle-based Moss Adams are merging in a $7 billion deal, the companies announced Monday.

The combined accounting and advisory company will form the sixth-largest advisory CPA firm in the U.S., according to Baker Tilly. The deal is expected to close in early June.

The companies will operate under the Baker Tilly name with more than 11,000 employees in the U.S. Moss Adams has 4,800 employees in the U.S. Baker Tilly employs 650 in Chicago and will continue to operate from its Loop office on Michigan Avenue.

The location of the merged company’s headquarters has not been decided yet, said a Baker Tilly spokesperson.

Baker Tilly has locations in the East and Midwest regions, while Moss Adams has a presence in the West and the central part of the country, according to Baker Tilly.

The company does not expect to reduce staff for client-facing teams.

But “for internal functional roles, we will undergo a thoughtful process to integrate our two organizations, which will take some time. However, we also recognize that it will take more people to ensure we continue running the combined organization,” Baker Tilly’s spokesperson said in an emailed statement. “This combination is not about cost savings; it’s about accelerating organic growth.”

The combined company expects annual revenue to exceed $3 billion.

Jeff Ferro, CEO of Baker Tilly, will serve as CEO of the combined firm until his retirement at the end of this year. Then Eric Miles, currently Moss Adams CEO, will become CEO on Jan. 1, 2026.

As part of the merger, private equity firm Hellman & Friedman, an existing investor in Baker Tilly, will make an additional strategic investment in the business. Existing shareholder Valeas Capital Partners will also increase its investment.

“Moss Adams is a great strategic fit with Baker Tilly,” Ferro said in a news release. “By bringing together our strengths, we are expanding our ability to serve middle-market businesses.”