Baker Tilly — an advisory, tax and assurance firm with Wisconsin locations in Madison, Milwaukee, Janesville, Appleton and Eau Claire — is combining with accounting, consulting and wealth management firm Moss Adams to create the sixth largest advisory CPA firm in the U.S. Expected to close in early June of this year, the agreement strengthens the firms’ industry specialization, expands its geographic reach and enhances its capabilities across advisory, tax and assurance services.
Baker Tilly and Moss Adams will unite under the Baker Tilly name, and Jeff Ferro, CEO of Baker Tilly, will serve as CEO of the combined firm through his retirement. Eric Miles, Moss Adams’ current CEO, will be named CEO-elect. Miles will assume the role of CEO on Jan. 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 an additional strategic investment in the business, with existing shareholder Valeas Capital Partners also increasing its investment. Following the close of the deal, 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.
