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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.
Bob Scott has provided information to the tax and accounting community since 1991, first as technology editor of Accounting Today, and from 1997 through 2009 as editor of its sister publication, Accounting Technology. He is known throughout the industry for his depth of knowledge and for his high journalistic standards. Scott has made frequent appearances as a speaker, moderator and panelist and events serving tax and accounting professionals. He has a strong background in computer journalism as an editor with two former trade publications, Computer+Software News and MIS Week and spent several years with weekly and daily newspapers in Morris County New Jersey prior to that. A graduate of Indiana University with a degree in journalism, Bob is a native of Madison, Ind