Excerpt from our non-proprietary historical coverage
March 8, 2026

Update: ICG joins bidding war for a majority stake in audit firm Baker Tilly Germany

Börsen-Zeitung
Since March 2025, NKP | M&A Insights has posted proprietary coverage on the sales process for Baker Tilly Germany, noting that Rothschild had been mandated to oversee the proceedings, followed by a November proprietary update that NBOs had been collected that month. Intermediate Capital Group (ICG) is now joining the bidding war, competing against interest from CVC Capital Partners and Bregal, according to Börsen-Zeitung, and Hellman & Friedman according to Finance Magazin. Baker Tilly Germany, the ninth largest auditing firm in the country with 1,700 employees, is currently majority-owned by its 139 partners. The partners are now set to sell more than half of their shares. Private equity firms have underscored that their ongoing investment will ensure that the partners maintain powerful performance incentives. 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%, im
Transaction announcement
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Source: NKP | M&A Insights Proprietary
Early coverage by NKP | M&A Insights (headline)

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Source: NKP | M&A Insights Proprietary
Early coverage by NKP | M&A Insights (headline)

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