Baker Tilly South-East Europe — Acquisition by MHA plc
Scaled accounting and professional services firm operating across Cyprus, Greece and South-East Europe, acquired by MHA plc. The transaction illustrates how diversified service lines, multi-office scale, recurring client relationships and consistent growth can support a valuation towards the upper end of the accounting practice SME range.
Acquirer
MHA plc
Year
2025
Enterprise Value
~€24m (max consideration)
Revenue
€19.4m (FY2024)
Adjusted EBITDA
€3.9m adjusted EBITDA (FY2024)
EBITDA Multiple
6.2×
Industry
Accounting & Professional Services
Transaction
In August 2025, MHA plc completed the acquisition of Baker Tilly South-East Europe (BTSEE), a professional services firm providing audit, tax, advisory, legal and corporate services across Cyprus, Greece and the wider South-East Europe region. At the time of the transaction, BTSEE employed more than 400 professionals across seven offices and had 12 partners. For the year ended December 2024, the business generated €19.4m of revenue and €3.9m of adjusted EBITDA (after adjusting for partner remuneration), with revenue having grown at approximately 9% CAGR over the preceding four years. MHA initially announced maximum consideration of approximately €24m, with the acquisition completing in August 2025 at a stated deal value of €24m. Based on maximum consideration of €24m and adjusted EBITDA of €3.9m, the transaction implies an EBITDA multiple of approximately 6.2×.
Why the Premium?
- Diversified service lines across audit, tax, advisory, legal and corporate services
- Multi-office footprint across seven offices in South-East Europe
- Recurring client relationships with low churn
- Consistent revenue growth of approximately 9% CAGR over four years
- Scaled platform with 400+ professionals and 12 partners
SME Takeaway
Baker Tilly South-East Europe's revenue of €19.4m fell within the SME Multiples $1–$50M benchmark. The transaction provides a useful benchmark for a scaled accounting and professional services firm with diversified service lines and established multi-office operations. The 6.2× EBITDA multiple demonstrates how recurring client relationships, multi-office scale and consistent growth can support a valuation towards the upper end of the accounting practice SME range.
Disclaimer: Case study figures are based on publicly available information and are provided for illustrative purposes only. Transaction values, EBITDA figures and implied multiples may reflect different reporting periods, definitions and deal structures, and some multiples are calculated from disclosed figures rather than reported by the parties. They are not formal valuations, investment advice or a substitute for independent professional advice.