Hellman & Friedman-owned Baker Tilly taps debt markets to refinance $3bn private credit package
Baker Tilly Advisory Group is preparing to refinance approximately $3bn of debt through the syndicated loan market, replacing private credit financing used to support the accounting firm’s rapid expansion since being acquired by PE firm Hellman & Friedman, according to a report by Bloomberg.
AThe report cites unnamed people familiar with the matter as revealing that Deutsche Bank is arranging the transaction and is expected to begin marketing the financing to leveraged loan investors next week.
The refinancing would replace a package of private credit facilities put in place following Baker Tilly’s acquisition by Hellman & Friedman in 2024, as well as debt used to finance the firm’s merger with Moss Adams.
Hellman & Friedman has pursued an aggressive buy-and-build strategy since acquiring Baker Tilly, completing a series of acquisitions aimed at expanding the firm’s national footprint. Most recently, Baker Tilly acquired New York-based accounting firm Anchin, Block & Anchin, following its purchase of Miami advisory business Berkowitz Pollack Brant late last year.
A key milestone in the expansion strategy was Baker Tilly’s merger with Moss Adams in April 2025. The transaction, valued at approximately $7bn, created the sixth-largest accounting firm in the United States.
Private credit played a central role in financing that combination. A lending group led by Blackstone provided around $1.5bn of financing for the merger, reflecting the growing role of direct lenders in backing sponsor-led acquisitions.
The planned refinancing highlights a broader trend across private equity-backed companies, where borrowers initially turn to private credit for acquisition financing before accessing the broadly syndicated loan market once integration risks have eased and market conditions become more favourable.
For private equity sponsors, the ability to refinance private credit facilities through public debt markets can lower borrowing costs and provide additional financial flexibility while allowing direct lenders to recycle capital into new transactions.
Representatives for Baker Tilly, Hellman & Friedman and Deutsche Bank declined to comment on the proposed refinancing.
