Baker Tilly US LLP, a Top 10 Firm based in Chicago, is adding Seiler LLP, a Top 75 Firm headquartered in Redwood City, California, effective July 1, only a few months after receiving an investment from
The deal will enable Baker Tilly to expand its presence in the San Francisco Bay Area.
"The Bay Area market is a major business incubator on the West Coast and an international connection point," said Baker Tilly Bay Area managing partner Lynette Stolarzyk in a statement Thursday. "Our combination with Seiler will enable us to continue growing and injecting innovation, value creation and an elevated customer experience in this pivotal market."
In February, Baker Tilly announced it had received an undisclosed amount of PE funding from Hellman & Friedman and Valeas Capital Partners. The firm split into an alternative practice structure, as is common with accounting firms that accept PE investment, to separate the attest side from the non-attest side. Both PE firms collectively hold a little over a 55% majority stake in Baker Tilly Advisory, with Hellman & Friedman holding a larger share, but neither PE firm has a majority stake.
"This combination continues our strong track record of growth and underscores our dedication to innovation, delivering unparalleled client experiences and building the country's preeminent mid-market advisory CPA firm," said Baker Tilly CEO Jeff Ferro in a statement.
Financial terms of the deal with Seiler were not disclosed. Baker Tilly ranked No. 10 on Accounting Today's 2024 list of the Top 100 Firms. Its revenue as of May 31, 2023, was $1.58 billion across consulting, tax and assurance. Seiler, which ranked No. 70 on the list, reported 2023 revenue of $94.5 million.
Baker Tilly has 6,700 professionals, including 600 partners. Seiler has 299 professionals, including 21 partners.
Seiler dates back 65 years and provides advisory, tax and accounting services in the Silicon Valley and San Francisco Bay Area. Clients include ultra-high-net-worth individuals, families, closely held businesses and nonprofits.
Seiler CEO George Marinos will become Baker Tilly's regional tax leader for the Western U.S., succeeding Gabe Torre who will become managing partner of the Western U.S. He succeeds Steve Milner, who joined Baker Tilly after a
"This combination will provide expansive resources, opportunities, technical expertise and service lines that will be of immense benefit to clients and employees as well as a dynamic platform for smart, tactical growth," Marinos said in a statement. "Baker Tilly shares our vision and bullishness for what is possible. In short, we are all in."
"With Seiler now part of our team, Baker Tilly solidifies its standing as a premier firm in the Bay Area," Milner said in a statement. "It has been an honor leading Baker Tilly on the West Coast, and I am extremely proud of our team, the growth we've achieved and our firm's prospects for the future."
Baker Tilly US used to do frequent M&A deals, but its last publicly announced one was in 2022 with
