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MHA has announced the proposed acquisition of Baker Tilly South East Europe (BTSEE), for a total maximum consideration of approximately €24m (£20.25m).
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.
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 €19.4m (£16.37m), adjusted EBITDA of €3.9m (£3.29m) and profit before tax of €2.5m (£2.11m), 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.
According to MHA, it identified BTSEE as an “ideal fit”, noting its strong financial track record, growth potential, alignment of culture and complementary services.
BTSEE offers a comprehensive range of services to clients in Cyprus, Greece and South East Europe, predominantly in audit, tax, advisory, legal and corporate services.
