Chicago-based top-10 accounting and consulting firm Baker Tilly U.S. has received a strategic investment from private equity firms Hellman & Friedman (H&F) and Valeas Capital Partners, according to Consulting.us.
The two will take an equity stake of roughly $1 billion for a little over half the firm, with over $900 million coming from H&F. An undisclosed amount of debt financing is also being provided by a group of private lenders.
The transaction is anticipated to close in early June. Baker Tilly will split into an alternative practice structure. Baker Tilly CEO Jeff Ferro will serve as CEO of Baker Tilly Advisory Group LP, housing the firm’s advisory, tax, and other services. Managing partner for risk and assurance Jere Shawver will serve as CEO of Baker Tilly US LLP, a licensed CPA firm.
Both firms will remain partnerships, with partners holding equity alongside H&F and Valeas in Baker Tilly Advisory Group LP.
