Baker Tilly enters Boston market with acquisition of The MFA Companies

05 November 2021 Consulting.us 2 min. read
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Baker Tilly US, a national mid-market accounting and consulting firm, has expanded into Boston with the acquisition of The MFA Companies, a Boston-based accounting and consulting firm. The transaction is effective December 2, 2021.

Founded in 1981, MFA provides audit, tax, and consulting services to clients across industries, with particular expertise in life sciences and healthcare, higher education, government contractors, technology, and private equity. The firm’s consulting offering includes services in transactions, risk advisory, litigation support, IT advisory, cybersecurity, talent acquisition, and wealth management.

MFA has approximately 200 professionals across offices in Boston and Montreal.

Baker Tilly’s acquisition will give the firm its first Boston location and will expand its ability to serve the life sciences industry. Boston-Cambridge is the top life sciences cluster in the country, and Baker Tilly will now have a strong presence in 10 of the top 13 clusters in the United States.

Baker Tilly enters Boston market with acquisition of The MFA Companies

“Boston is a hub for business and technology and is a strategic market for Baker Tilly,” Alan Whitman, CEO of Baker Tilly, said. “MFA is a progressive firm whose talented team members challenge the status quo to innovate and design meaningful solutions in this market and beyond.”

MFA partner Will Andronico will join Baker Tilly as managing partner of the New England region. Carl Famiglietti, MFA’s managing partner for nearly 20 years, will stay on for one year to help guide a successful integration of the two firms.

“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,” Famiglietti said.

Both firms were advised on the combination by Allan Koltin of Koltin Consulting Group, who described the transaction as a “huge step for Baker Tilly as they continue executing their strategy.”

The MFA deal builds on several significant acquisitions of CPA and advisory firms. Baker Tilly in September bought Arnett Carbis Toothman, adding approximately 275 employees across eight offices in West Virginia, Pennsylvania, and Ohio. In September, the Chicago-based firm added nearly 400 people to its New York area offices with the acquisition of Margolin, Winer & Evens.

In August 2020, Baker Tilly greatly enhanced its California presence with the addition of Squar Milnar’s 550 people.

Baker Tilly is the ninth largest CPA firm according to Inside Public Accounting’s 2021 ranking. The firm has 4,600 employees and revenues of approximately $1 billion.