Baker Tilly South-East Europe becomes part of MHA

MHA completed the acquisition of Baker Tilly South-East Europe (BTSEE) in a deal valued at €24 million.

MHA which has 23 offices in the UK, Ireland and the Cayman Islands including Preston and Lancaster and had previously announced on 7 May to the London Stock Exchange (LSE) the intention to make the acquisition.

Baker Tilly South-East Europe is a leading professional services firm with 12 partners and more than 400 professionals in seven offices across Cyprus, Greece and the wider South-East Europe region with recently reported revenues of €19.4m.

It provides a comprehensive suite of services, including audit, tax, advisory, legal and corporate services.

Rakesh Shaunak, chief executive of MHA, said: “As we said at the time of our recent IPO, strategic M&A forms an important component of our medium-term growth aspirations, and our acquisition of BTSEE is a key milestone in MHA establishing a significant presence in Continental Europe.

“I am delighted to welcome all our new colleagues into the MHA family. This will enable us to further develop our footprint in key strategic locations.”

Marios A Klitou, the newly appointed chairman of Baker Tilly South East Europe, said: “Now the deal with MHA is formally confirmed, BTSEE has an opportunity to grow and develop even further in the region in the months and years ahead with a particular emphasis on expanding our existing work with financial services companies and public interest entities.

“Further exciting news on developing our scope of services and our physical footprint in Cyprus and Greece will follow shortly.”

In a statement announcing the news it said: “The group identified BTSEE as an ideal fit for MHA, noting its strong financial track record, growth potential, alignment of culture and complementary services to MHA.”

In April, Lancashire Business View reported about the accountancy and business advisory firm MHA, announced the public listing of the business.

Having raised £98m through an institutional placing and retail offer, its market cap on admission was £271m, the largest AIM IPO in the business support services sector over the past five years.