February 22, 2026

Hellman & Friedman eyes investment in audit firm Baker Tilly Germany

Finance Magazin
In May 2025, NKP | M&A Insights first and exclusively covered that Rothschild was mandated to launch the sales process for Baker Tilly Germany, followed by several updates including a Nov 2025 proprietary note that the process had entered into the second phase, with NBOs collected that month. Private equity firm Hellman & Friedman (H&F) is now reportedly interested in a minority investment in the company, a Next Seven company and the ninth-largest audit firm in the country. This follows H&F's previous investment in Baker Tilly US and aligns with its strategic intent to enter the German audit market. The decision comes as mid-sized audit firms face challenges requiring substantial capital, such as investments in AI and digitisation, alongside succession issues. The company posted annual revenues of EUR 250.6m in 2024, roughly half generated by its Audit & Advisory division, and reportedly operating at an EBITDA margin of around 25%, implying an EBITDA of EUR 60m.
Transaction announcement
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