MHA Scoops Up Baker Tilly’s Greece and Cyprus Biz for $27M

Fresh off a record-breaking IPO, UK-based accounting heavyweight MHA is already flexing its newly public muscles. In its first major post-IPO play, the firm announced a cross-border deal that’s got the financial world buzzing like the closing bell on Wall Street. MHA is acquiring Baker Tilly’s operations in Greece and Cyprus (Baker Tilly Southeast Europe, or BTSEE) in a deal worth up to €24 million ($27.2 million). But this isn’t just another box-ticking acquisition—it’s a strategic leap into continental Europe, a bold step in a consolidation-hungry industry.

Why This Deal’s Got Bite

Here are the headline numbers:

• Deal Value: €24 million, split into €6.5M in cash and €17.5M in shares
• Bonus Round: 10% of the price is earmarked for BTSEE employees
• BTSEE Snapshot: 13 partners, 400 staff, 16 offices across 5 countries
• FY2024: Revenue of €19.4M, pre-tax profit of €2.5M, with audit services leading the pack at €22.07M

And for those watching the market reaction? MHA shares popped 1.2% on the news, nudging its market cap to £280 million.

It’s a Full-Court Press

MHA’s move is bigger than a numbers game. It’s the first strike in its ambitious strategy post-listing on London’s AIM. Instead of taking the private equity route like many of its U.S. counterparts (Baker Tilly US recently merged with Moss Adams), MHA raised public capital to fuel its acquisition roadmap. Chair Geoff Barnes made it plain: cross-border mergers are MHA’s jam. BTSEE, already part of the Baker Tilly network, makes for a cultural and strategic slam dunk. This isn’t buying blind—it’s a move backed by familiarity, fit, and future potential.

MHA’s Playing to Win

BTSEE is no slouch. In Cyprus, it trails only the Big Four in market dominance and has major clout in auditing public interest entities (PIEs). With its seasoned team and robust financial footprint, BTSEE is a launchpad for MHA’s European ambitions. Why does it matter? Because in a sector where PE money is fueling M&A like there’s no tomorrow, MHA is keeping it in the family—betting on in-network synergies and long-term integration rather than flashy, short-term gains.

MHA is under the microscope of the UK’s Financial Reporting Council (FRC) over its audit of ISG, a construction firm whose collapse left £1 billion in public contracts dangling. This is MHA’s second FRC probe, and while it hasn’t derailed momentum yet, it adds a layer of scrutiny. Then there’s the operational reality: merging teams across borders, legal systems, and office cultures. That’s not just plug-and-play. Integration challenges are real, and success will depend on leadership, alignment, and, frankly, stamina.

Lessons for Accounting and Finance Experts

Whether you’re a partner at a regional firm or a staff accountant dreaming of global moves, here’s what this deal teaches us:

• Stay Agile: The firms that win in today’s market are the ones that can pivot fast, whether that’s through M&A, tech adoption, or new service lines.
• Culture Matters: Deals work best when the teams already know and trust each other. MHA and BTSEE’s shared Baker Tilly DNA could be their secret weapon. 
• Regulators Are Watching: In a post-Wirecard, post-Enron world, transparency and compliance aren’t just buzzwords; their survival skills. 
• Don’t Sleep on the Mid-Tier: While the Big Four dominate headlines, mid-tier firms are making bold moves. Ignore them at your own risk.

Final Take

MHA’s play isn’t just about grabbing market share. It’s a deliberate, culture-fit-first strategy that could rewrite how mid-tier firms scale globally. Think "Moneyball" for accounting: targeting undervalued but high-performing firms already familiar with your system. And the rest of the industry? They better keep their heads on a swivel. MHA’s €24M splash into Greece and Cyprus is more than a headline, it’s a signal of intent. In a time when everyone’s rushing to sell or merge, MHA is playing the long game, betting on organic integration, proven relationships, and cultural alignment. If the execution matches the vision, this could be the start of a mid-market powerhouse. If not, the regulatory headwinds could make things rougher than an April tax season. Want More Like This? Subscribe to MYCPE ONE Insights weekly insider brief, because in finance, the only thing worse than missing the next big move is not knowing it happened at all. Join 250,000+ subscribers. Stay sharp. Stay informed.