Hellman & Friedman moves Baker Tilly's $3bn debt from private credit to syndicated market
Deutsche Bank is arranging the refinancing of roughly $3bn of Baker Tilly debt raised to fund the sponsor's buy-and-build, according to a report by Bloomberg.
Hellman & Friedman is preparing to refinance approximately $3bn of debt at Baker Tilly Advisory Group through the broadly syndicated loan market, replacing the private credit facilities that have underwritten the accounting firm’s rapid expansion, according to a report by Bloomberg cited by Private Equity Wire. Deutsche Bank is arranging the transaction and is expected to begin marketing the financing to leveraged loan investors next week, according to people familiar with the matter.
The refinancing would take out a package of private credit facilities put in place following Hellman & Friedman’s acquisition of Baker Tilly in 2024, alongside debt raised to fund the firm’s merger with Moss Adams. For the sponsor, the switch is a straightforward exercise in cost and flexibility. Moving a seasoned credit into public markets typically lowers borrowing costs and loosens documentation constraints, while allowing the direct lenders behind the original facilities to recycle capital into fresh transactions.
The debt stack reflects an unusually acquisitive ownership period. Since taking control, Hellman & Friedman has run an aggressive buy-and-build strategy designed to extend Baker Tilly’s national footprint. The firm most recently acquired New York-based Anchin, Block & Anchin, following its purchase of Miami advisory business Berkowitz Pollack Brant late last year. The defining move, however, came in April 2025, when Baker Tilly merged with Moss Adams in a transaction valued at roughly $7bn, creating the sixth-largest accounting firm in the United States.
Private credit was central to making that combination possible. A lending group led by Blackstone provided around $1.5bn of financing for the merger, underlining how far direct lenders have moved into the heart of sponsor-led M&A. Speed and certainty of execution have made private capital the natural first port of call for acquisitive platforms, particularly where integration risk is front-loaded and public market investors would demand a premium for it.
The planned refinancing therefore illustrates a broader rotation now visible across private equity-backed borrowers. Sponsors increasingly lean on private credit to get deals done, then migrate the debt into the syndicated market once integration risk has eased and pricing conditions turn favourable. The pattern positions the two markets as complementary rather than competing, with direct lenders taking the execution risk early and institutional loan investors assuming the credit once it has been de-risked.
Representatives for Baker Tilly, Hellman & Friedman, and Deutsche Bank declined to comment on the proposed refinancing.