Two private equity firms have made what is described as a “strategic investment” in CPA firm Baker Tilly US. The size of the investment by Hellman & Friedman and Valeas Capital Partners, which is expected to close in early June, was not disclosed.The announcement said it is the largest PE investment in a CPA firm in this country. However, in a similar investment by New Mountain Capital in Citrin Cooperman in 2022, the amount was also not revealed.
In both cases, the advisory services offered by the firm are operated separately from the attest functions.
In the latest instance, Baker Advisory Group, LP will offer business advisory, tax and other services with Jeff Ferro continuing as CEO. Baker Tilly US, LLP, will offer attest services with Jere Shawever, as CEO, moving up from his position as managing partner, risk and assurance.
All partners will own equity, along with H&R and Valeas, in the advisory firm.
