It Appears Baker Tilly Bought a 103-Year-Old Firm Just to Get a Better Address

So this is interesting, depending on how interested you are in the happenings of PE-backed top ten US accounting firms.

Baker Tilly announced this morning that they’re acquiring Anchin, Block & Anchin LLP. Seeing as Anchin is “only” in the top 50 with a mere $150,733,000 in revenue this is sort of a minor happening…except it’s not.

From the press release:

The agreement brings together two firms known for deep industry specialization, long-standing client relationships and a shared commitment to serving middle-market clients with high-quality advisory, tax and assurance services. Reflecting the growing importance of New York to its clients and business strategy, Baker Tilly will establish New York City as the firm’s headquarters.

“New York is one of the most important markets for our clients and for the future of our firm,” said Eric Miles, chief executive officer of Baker Tilly. “Anchin strengthens our presence in a market that is central to many of the industries, entrepreneurs and businesses we serve. Establishing New York as our headquarters reflects our long-term commitment to this market and our continued investment in the talent, expertise and capabilities our clients need to succeed.”

Well fuck you, Chicago. The acquisition itself feels secondary to the decision to move into the newly conquered lands, doesn’t it?

Anchin managing partner Russell Shinsky, who will be movin’ on up to Baker Tilly’s New York managing principal after the transaction closes, had this to say about the acquisition: “Over the last several years, we had many conversations with firms and investors exploring different paths forward for Anchin. We were fortunate to be in a position of strength and could be selective about what would best serve our clients and our people for the long term. Baker Tilly stood out because of its commitment to the middle market, its investment in innovation and talent, and the respect it showed for the culture, leadership and reputation we have built over the last 103 years. We believe this combination allows us to build on what has made Anchin successful while creating new opportunities for our clients and team members.”

Let’s head to the water cooler to see what the plebs have to say about the merger:

Alrighty then. Gotta say, “PE will push AI harder than Peter Thiel at a robot sex convention” is an excellent use of the English language.

And probably not wrong.