MHA, the provider of audit and assurance, tax, accountancy and advisory services with offices across the East Midlands, has entered into a heads-of-terms agreement for the up to €24m acquisition of BTSEE. It follows MHA’s public listing on AIM.
MHA has been pursuing strategic cross-border M&A opportunities, including other existing members of the Baker Tilly International Network.
BTSEE is a professional services firm offering a comprehensive range of services to clients in Cyprus, Greece and South East Europe, predominantly in audit, tax, advisory, legal and corporate services. BTSEE has 13 partners and approximately 400 employees.
The acquisition would provide MHA with a presence in mainland Europe and an alliance with a local partner that is well established in the region.
For the 12 months ended 31 December 2024, BTSEE generated sales of €19.4 million, adjusted EBITDA of €3.9 million and profit before tax of €2.5 million, after adjusting for partner remuneration.
Geoff Barnes, chair of MHA, said: “As stated at the time of our recent IPO, strategic M&A forms a key component of our medium-term growth aspirations, and the intended acquisition of BTSEE as announced today demonstrates continued progress against our disciplined M&A roadmap.
“With a good understanding of both MHA and BTSEE, I believe their ambition and close strategic fit will create an even bolder organisation serving its clients and offering progression opportunities to staff. We look forward to providing a further update in due course.”
