Baker Tilly US LLP plans to acquire the MFA Companies, a Boston-based accounting and advisory firm, effective Dec. 2, 2021.
MFA has been operating in the Boston metropolitan area for four decades. The deal will add to Baker Tilly’s client base in that area, especially in the life sciences, health care, technology, higher education, private equity and government contractor sectors. Baker Tilly views the life sciences as a particular area of focus, with the Boston-Cambridge area being a large market.
“Boston is a hub for business and technology and is a strategic market for Baker Tilly,” Baker Tilly CEO Alan Whitman said in a statement Thursday. “MFA is a progressive firm whose talented team members challenge the status quo to innovate and design meaningful solutions in this market and beyond.”
Financial terms of the deal were not disclosed. Baker Tilly, based in Chicago, ranked No. 12 on Accounting Today’s 2021 list of the Top 100 Firms. Baker Tilly’s revenue as of May 31, 2021 was $1 billion, while the MFA Companies revenue as of June 30, 2021, was $37.2 million. Baker Tilly has 4,600 professionals, including 450 partners; MFA has 208 professionals, including 35 partners, who will all be joining Baker Tilly.
“We recognized in Baker Tilly a vision and strategy that resonates with our holistic approach to the financial vitality of our clients and their businesses,” MFA managing partner Carl Famiglietti said in a statement. “Our purpose has been to change people’s lives — joining Baker Tilly elevates our commitment to our members and customers to even greater heights with a broader array of impactful solutions, top-notch talent and coast-to-coast industry expertise.”
With MFA’s leadership succession previously determined, Famiglietti, who’s been managing partner for nearly two decades, will devote the next year to supporting and guiding a successful integration of the two firms. Upon the combination's effective date, MFA partner Will Andronico will become Baker Tilly's managing partner for New England and work closely with Famiglietti to encourage growth opportunities.
Koltin Consulting Group CEO Allan Koltin advised both firms on the deal. “This combination is a huge step for Baker Tilly as they continue executing their strategy,” he said in a statement. “MFA prides itself on breaking the mold, and its progressive culture will be an incredible competitive asset for Baker Tilly’s growth plans.”
Earlier this fall, Baker Tilly acquired
