Baker Tilly to acquire True Partners Consulting

Baker Tilly US LLP, a Top 10 Firm based in Chicago, plans to acquire True Partners Consulting LLC, effective Nov. 1, 2022, expanding its corporate tax practice.

Financial terms of the deal were not being disclosed. True Partners Consulting, which is also based in Chicago, earned $49 million in revenue as of 2021. It has 210 professionals, including 23 partners. 

Baker Tilly ranked No. 9 on Accounting Today's 2022 list of the Top 100 Firms. Its revenue as of May 31, 2021 was $1.3 billion, across its consulting, tax and assurance practice. Baker Tilly has 6,500 professionals, including 550 partners.

Baker Tilly

True Partners Consulting specializes in corporate tax services for both public and private companies and will give Baker Tilly a new capability in unclaimed property services.  

 "TPC has incredible talent and a market reputation for excellence," said Craig Weaver, Baker Tilly's managing partner of tax, in a statement Thursday. "Together, we have a shared drive to enhance the client experience through technology." 

TPC has several offices across the country and will deepen Baker Tilly's tax presence in some major markets, including Chicago, Boston, Dallas, New York Metro, Silicon Valley and Los Angeles. The combination also expands Baker Tilly's coast-to-coast footprint with locations in Tampa and Atlanta.  

"Baker Tilly brings substantial resources and capabilities to TPC's clients — and greatly expanded opportunities for our team members," said TPC CEO Tim Costello in a statement. "We have always been focused on the future, and we look forward to continuing that focus on a larger scale." 

Koltin Consulting Group CEO Allan Koltin advised both firms on the combination. "TPC is well-known in the tax space: they know it inside and out," he said in a statement. "Baker Tilly's strategy and client service philosophy combined with its purpose to unleash and amplify talent emerged as the natural choice to catapult TPC's future-forward vision." 

Baker Tilly has been doing a number of M&A deals this year and last year. Last month, the firm announced it plans to acquire Management Partners, a government consulting firm with offices in Cincinnati and San Jose, effective Oct. 1. In May, Baker Tilly added Bader Martin, a firm in Seattle. In March, Baker Tilly acquired Vanilla, an enterprise resource planning consulting firm based in the United Kingdom, effective May 1. In February, Baker Tilly acquired Orchestra Healthcare, a health care IT professional services and consulting firm based in West Palm Beach, Florida. Last November, Baker Tilly acquired The Compliance Group, a nationwide mortgage compliance and quality control organization based in Carlsbad, California, as well as the MFA Companies, a Boston-based accounting and advisory firm. Earlier in the year, the firm acquired Arnett Carbis Toothman LLP in West Virginia, as well as AcctTwo, a Houston-based technology and services company, along with Margolin, Winer & Evens, a Regional Leader firm in New York.