UK-based accountancy firm MHA has announced the acquisition of Baker Tilly South East Europe, which operates in Greece and Cyprus, in a deal valued at up to €24 million. The move marks MHA’s first international acquisition since its April 2025 listing on the London Stock Exchange’s AIM market, and is a key step in its stated ambition to grow through cross-border mergers.
MHA, formerly known as MacIntyre Hudson before its 2019 rebrand, confirmed that the deal includes €6.5 million in cash and €17.5 million in shares. Notably, 10% of the purchase price will be allocated to employees of the acquired business, which employs nearly 400 professionals across both countries.
Baker Tilly South East Europe provides a wide range of professional services, including audit, tax, advisory, legal, and corporate solutions. For the 2024 financial year, the firm reported €19.4 million in revenue and €2.5 million in profit before tax.
In a statement, Rakesh Shaunak, CEO of MHA, commented: “Strategic M&A forms a key component of our medium-term growth aspirations, and the acquisition of Baker Tilly South East Europe demonstrates continued progress against our disciplined M&A roadmap.”
The acquisition follows an IPO in which MHA raised £98 million, slightly below its initial target of £125 million, valuing the company at £271 million. The firm had initially aimed for a £350 million valuation. Law firm Freeths advised MHA on its public offering.
IPO Momentum and Sector-Wide Consolidation
The acquisition aligns with a broader wave of consolidation in the accountancy sector, driven by private equity interest in the stable margins and recurring revenue of professional services firms. MHA’s approach contrasts with its American counterpart, which recently sold a majority stake to a private equity consortium and announced a merger with Moss Adams.
Commenting on the transaction, Francesca Lagerberg, CEO of Baker Tilly International, said: “This acquisition is a powerful example of how collaboration within our network can unlock new opportunities for member firms, their people and their clients. MHA and Baker Tilly South East Europe already share a close working relationship, and this step deepens their strategic alignment. It’s a move that enhances their combined capabilities while reinforcing the strength and cohesion of the Baker Tilly network.”
Baker Tilly International has also seen recent developments across its network. In early 2025, private equity firm Inflexion acquired a minority stake in Baker Tilly Netherlands, supporting its regional growth plans. Earlier, in February 2024, Baker Tilly’s US arm secured investment from Hellman & Friedman and Valeas Capital Partners.
Despite recent expansion, MHA has also faced regulatory scrutiny. In March 2025, the UK’s Financial Reporting Council (FRC) launched an investigation into MHA over its audit of ISG, the construction firm that collapsed in September 2024 with reported debts of £1.1 billion. Administrators at EY expect to recover just £35 million for creditors. ISG had employed more than 2,000 people before entering administration.
Additionally, in August 2024, the Financial Conduct Authority (FCA) censured MHA for failing to meet standards in the preparation of client asset reports.
Nonetheless, MHA reported a strong financial performance in 2024, with revenues rising nearly 30% to £180 million, up from £90 million in 2020—effectively doubling its turnover in four years.
The Baker Tilly SEE acquisition reinforces MHA’s post-IPO strategy and its focus on strategic, people-driven growth. The deal strengthens MHA’s presence in continental Europe and signals continued momentum as the firm expands its international footprint.
MHA at a Glance
Year founded: 1880s (originally), rebranded as MHA in 2019 Headquarters: London, United Kingdom Employees: 1,600+ Business Focus: Audit, Tax, Advisory, Outsourcing, and Corporate Finance Revenue: £180 million Stock Listed on: AIM – London Stock Exchange (April 2025) Geographic Reach: UK-wide presence with expanding international footprint
