Dechert recently advised Moss Adams on its strategic merger with Baker Tilly, creating the sixth-largest advisory CPA firm in the U.S. The merger, expected to close in early June, will enhance the firms' industry specialization, geographic reach and capabilities across advisory, tax and assurance services.
Baker Tilly and Moss Adams will unite under the Baker Tilly name, positioning the combined firm to help middle-market businesses navigate a complex environment.
As part of the transaction, private equity firm Hellman & Friedman (H&F) will make an additional strategic investment, with existing shareholder Valeas Capital Partners (Valeas) also increasing its investment. Post-merger, Moss Adams and Baker Tilly's audit business will combine as Baker Tilly US LLP, and their 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.
The Dechert team that advised on the Moss Adams and Baker Tilly merger was led by corporate partner John LaRocca and included corporate associates Rachel Davies, Nicole Godani, Ryan Yang, Joy Zhu and Jiaying Lan; tax partner David Passey along with associate Insung Kim; employee benefits partner Kevin Kay along with associates Tabitha Crosier and Brie Michaelson; labor partner J. Ian Downes and associate Julia Canzoneri.
Dechert has been at the forefront of advising on significant transactions in the accounting industry. Recent notable transactions include:
- Grant Thornton LLP in its sale of a majority stake of its advisory, tax and consulting business to a consortium led by New Mountain Capital LLC.
- General Atlantic in its strategic growth investment in Frazier & Deeter, together with PSP Capital Partners and Aksia.
- Marcum LLP in its US$2.3 billion sale of its advisory, tax and consulting business to CBIZ Inc. and the sale of its attest practice to Mayer Hoffman McCann PC.
- EisnerAmper in its sale of a majority stake of its advisory, tax and consulting business to a consortium led by TowerBrook Capital Partners.
- Eisner Advisory Group LLC in several acquisitions of accounting and wealth management firms, including:
o The Prosperity Consulting Group LLC, a wealth management business, and certain assets and liabilities of The Hoffman Group LLC, an accounting and consulting firm owned by the majority equity holder of Prosperity as of immediately prior to the closing of the transactions.
o Edelstein & Company LLP, a Massachusetts-based CPA firm.
o Lurie LLP, a Minneapolis-based accounting and advisory firm.
o Morrison & Morrison, a Chicago-based accounting and advisory firm.
o Postlethwaite & Netterville, a Louisiana-based accounting, assurance, tax, consulting and technology firm.
About Dechert
Dechert is a global law firm that advises asset managers, financial institutions and corporations on issues critical to managing their business and their capital – from high-stakes litigation to complex transactions and regulatory matters. We answer questions that seem unsolvable, develop deal structures that are new to the market and protect clients’ rights in extreme situations. Our nearly 1,000 lawyers across 16 offices globally focus on the financial services, private equity, private credit, real estate, life sciences and technology sectors.
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