Livingstone Benelux has advised the shareholders of Baker Tilly (Netherlands) N.V. on the strategic partnership with Inflexion

Livingstone is pleased to announce that the firm’s Benelux team has advised Baker Tilly Netherlands N.V. (“Baker Tilly”) on the partnership agreement with Inflexion LLP (“Inflexion”). Livingstone acted as exclusive financial advisor to Baker Tilly.

Accounting and consultancy firm Baker Tilly and investment company Inflexion are entering into a strategic partnership. Inflexion is acquiring a minority interest in Baker Tilly. With Inflexion, Baker Tilly can achieve the growth acceleration required for a stable top 10 position in the market. The partnership will lead to better service to clients, growth of business and attractive opportunities for employees. The transaction is expected to be completed in the first quarter of 2025, terms of the transaction were not disclosed.

Baker Tilly has achieved autonomous growth of more than 10% per year in recent years. The turnover in 2024 will amount to approximately EUR 150 million. This was possible thanks to successful investments in leadership, innovation, cultural change, talent management and quality of service. The number of employees has increased to more than 1,000. In a consolidating market, autonomous growth alone is insufficient to maintain the scale required to remain attractive to customers and employees.

Ronald Hoeksel, CEO of Baker Tilly, said: “The arrival of Inflexion as a new shareholder heralds a new phase for Baker Tilly. Inflexion is very experienced and focused on collaboration and growth. It is very important to us that we can maintain what we are proud of and what our customers value us for: our quality, our identity, our brand and our talented and passionate people. Customers can continue to count on the service they are used to from us and also benefit from our investments in product innovation and digitalization. “

Joke Hoekstra, Chair of the Supervisory Board of Baker Tilly, stated: “In the past period, we have explored several strategic opportunities. The Supervisory Board sees Inflexion as the most suitable partner for Baker Tilly. Inflexion supports the growth and development of Baker Tilly not only with capital, but also with highly relevant expertise and strategic support. This enables Baker Tilly to make more in-depth investments and to grow further, both autonomously and through acquisitions.”

Sander Ruijter, Partner at Inflexion & Head of Benelux, commented: “The accountancy sector is ripe for consolidation and we believe that Baker Tilly is well placed to take advantage of this opportunity.  We look forward to supporting the whole team at Baker Tilly as they continue to grow the business both organically and through acquisition whilst delivering the high-quality service that clients expected.  We are specifically pleased how the unique flexibility of our minority strategy has allowed us to structure a partnership that enables Baker Tilly to benefit from the value-add of a strategic investor, whilst keeping control within the partner group.”

The proposed transaction will be submitted to the Netherlands Authority for Consumers and Markets (ACM). Baker Tilly is also still in consultation with the Dutch Financial Markets Authority (AFM) and will seek advice from its Works Council.

Since its foundation in 1914, Baker Tilly has grown into an organization with 12 branches, over 1,000 employees and a turnover of approximately EUR 150 million (2024). The company is one of the larger accounting and (tax) advisory firms in the Netherlands. In addition to accountancy and tax advice, Baker Tilly is also active in the field of IT advisory, corporate finance, business advisory, employment advisory, ESG Advisory, corporate legal advice, risk & performance management, interim financials and subsidy audits. Baker Tilly’s clients are the larger SME (family) businesses, housing associations and organizations in the public sector. As a member of the international Baker Tilly network, a global network of independent accounting and tax advisory firms located in more than 145 countries, Baker Tilly offers expert support to its international clients.

Inflexion is a leading European mid-market private equity firm which works in partnership with ambitious management teams of high growth, entrepreneurial businesses to accelerate sustainable growth. Inflexion’s flexible approach allows it to back both majority and minority investments, typically investing EUR 30 million to EUR 600 million of equity in each deal.

With bespoke teams and dedicated capital, Inflexion’s funds invest across a variety of sectors from offices in London, Manchester, Amsterdam, Stockholm and Frankfurt. Inflexion helps businesses achieve the next stage of growth through M&A, international expansion, digital enhancement, talent development, commercial strategy, sustainability focus and access to Inflexion’s global network. It also benefits from a local presence across South America, India and APAC dedicated to portfolio development, enabling investee companies to benefit from privileged access to these fast-growth markets. Funds advised by Inflexion Private Equity Partners LLP have funds under management of c. EUR 12 billion.

For further information, please visit:

• Press release Baker Tilly
• Press release Inflexion
• Financieel Dagblad