MHA are delighted to announce the proposed acquisition of Baker Tilly South East Europe (BTSEE), for a total maximum consideration of approximately €24 million. In line with its acquisition strategy, and as stated in the Company’s recent Admission Document, MHA has been pursuing strategic cross-border M&A opportunities, including other existing members of the Baker Tilly International Network.
MHA identified BTSEE as an ideal fit, noting its strong financial track record, growth potential, alignment of culture and complementary services. BTSEE is a leading professional services firm offering a comprehensive range of services to clients in Cyprus, Greece and South East Europe, predominantly in audit, tax, advisory, legal and corporate services.
BTSEE has particular strengths within Cyprus, where it is the fifth largest accountancy firm, after the Big Four, in the financial and government sectors and in the audit of large clients, including a number of PIEs. BTSEE has 13 Partners and approximately 400 employees.
The Acquisition would represent a key step in the Company’s growth strategy, providing MHA with a presence in mainland Europe and an alliance with a local partner that is well established in the region and with whom MHA already has a close working relationship.
For the 12 months ended 31 December 2024, BTSEE generated sales of €19.4 million, adjusted EBITDA of €3.9 million and profit before tax of €2.5 million, after adjusting for partner remuneration. BTSEE’s revenue has grown over the past four years at a compound average growth rate of 9% per annum.
Rakesh Shaunak, CEO of MHA, commented: “As stated at the time of our recent IPO, strategic M&A forms a key component of our medium-term growth aspirations, and the intended acquisition of BTSEE as announced today demonstrates continued progress against our disciplined M&A roadmap.
“With a good understanding of both MHA and BTSEE, I believe their ambition and close strategic fit will create an even bolder organisation serving its clients and offering progression opportunities to staff. We look forward to providing a further update in due course.”
