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Case Study 45: Baker Tilly, MHA and the Return of the Listed Accounting Firm
21. September 2026
On 15 April 2025, MHA listed on AIM at 100 pence per share, raising approximately £98 million at a £271 million market capitalisation. The firm entered the market with more than 1,800 people, around 160 partners and 23 offices; audit and assurance contributed just over half of revenue. MHA had considered private equity but chose
The AI Capability Layer: Who Will Own the Infrastructure Behind AI-Enabled Professional Services?
31. August 2026
For several years, the artificial-intelligence discussion inside professional services has focused primarily on what individual firms are building. Deloitte, PwC, EY, KPMG and their competitors have invested heavily in internal AI environments, proprietary tools, data platforms, technology alliances and workflow automation. The assumption underneath much of the debate has been familiar: each firm chooses its
Case Study 43: Citrin Cooperman and the Accounting Firm That Became Transferable
24. August 2026
In October 2021, New Mountain Capital invested in Citrin Cooperman at a reported enterprise value of approximately USD 500 million. A little more than three years later, an investor group led by Blackstone agreed to acquire New Mountain’s interest in a transaction reported to value Citrin at more than USD 2 billion. Revenue had increased
Case Study 31: BDO’s Third Way – The Accounting Network Trying to Stay Independent While Learning to Live With Private Capital
11. May 2026
For a while, BDO looked like the firm that might give the professional services industry a clean counter-narrative. Grant Thornton had moved into private equity-backed consolidation. Baker Tilly US had accepted external capital. Moore Global had member firms benefiting from sponsor-backed growth. But BDO seemed to be drawing a line. In October 2025, BDO announced
Case Study 27: Baker Tilly and Private Equity – When a Network Starts Becoming a Platform
14. April 2026
Originally published April 2026, updated May 2026, , updated June 2026. Baker Tilly presents itself as a global firm, and by most external measures, it looks like one. The network operates in more than 140 territories, employs more than 50,000 people, and generates global revenues exceeding $5 billion, placing it among the largest accounting and