MHA swoops for Baker Tilly South-East Europe amid continental expansion

MHA has completed the acquisition of Baker Tilly South-East Europe. The deal, valued at €24 million, sees MHA acquire more than 400 professionals in the region, as it formally expands across Europe.

MHA is a UK-wide network of independent accountants and business advisers. Part of the Baker Tilly International network, MHA has access to 43,000 people in 700 offices across 143 territories – but its latest acquisition has seen it secure more direct relations with a portion of that network, making it formally part of its own organisation.

Baker Tilly South-East Europe (BTSEE) 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. It provides a comprehensive suite of services, including audit, tax, advisory, legal and corporate services – and recently reported revenues of €19.4 million.

While a sluggish UK consulting market is seeing some larger firms struggle to secure high levels of growth, international expansion is increasingly being seen as a way of boosting business. MHA has 23 offices in the UK, Ireland and the Cayman Islands, but earlier in the year, it floated on the London Stock Exchange’s Alternative Investment Market (AIM) to fund such growth.

On the continent

Rakesh Shaunak, CEO of MHA, commented, “The completion of the acquisition of BTSEE, our first as a listed business, aligns directly with our strategy stated at IPO to expand our international footprint, including the potential to bring other members of the Baker Tilly International Network into the Group where an opportunity arises. BTSEE is an excellent fit, providing us with an immediate and significant presence in Continental Europe and enabling us to further expand our footprint in key strategic locations. I am delighted to welcome our new colleagues into the MHA family and look forward to working together with them as one firm.”

MHA will pay to the vendors of BTSEE, 90% of an initial €20 million equity value, through an initial cash consideration of €5.4 million, plus €12.6 million to be satisfied through the issue of 10,862,069 new ordinary shares in the company. The deal is ultimately valued at €24 million – however, according to a release from MHA, the acquisition is expected to be earnings enhancing within the first full financial year following completion. 

Marios A Klitou, the newly appointed chair of Baker Tilly South East Europe, stated, “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.”

It is not the first time that MHA and Baker Tilly International members have formalised their relationship by consolidating under a single brand. In 2024, for example, MHA announced its expansion across Ireland via a deal that saw its Irish professionals merge with local firm Roberts Nathan, to build a 170-strong business named Baker Tilly Ireland.