Inflexion is taking a 48% minority stake in Baker Tilly Netherlands from its partners, in a move that underscores how quickly private equity is reshaping the traditionally partner-owned accountancy market. Financial terms were not disclosed.
The investment, described as the largest ever in the Dutch accountancy landscape, formalises a strategic partnership that began in early 2025 and gives Baker Tilly Netherlands a new lever: capital-backed M&A. The firm’s last acquisition was in 2022, and management has positioned the Inflexion partnership as a shift from primarily organic growth to a dual-track strategy combining autonomous expansion with selective consolidation.
Why this deal, why now
The timing fits a clear sector pattern. Investor appetite for accounting and advisory platforms has intensified as firms seek scale to fund technology upgrades, meet rising regulatory requirements, and broaden service lines. In that context, minority structures are emerging as a pragmatic bridge between partnership governance and institutional capital.
Inflexion is framing its role as more than financing. The firm says it will provide capital and sector expertise to accelerate growth, digital capabilities and targeted consolidation. For Baker Tilly Netherlands, that translates into the ability to move faster on tuck-in acquisitions and invest more heavily in systems and go-to-market execution without relying solely on partner funding.
Baker Tilly Netherlands is already a scaled player in its home market, with around EUR 150 million in revenue and roughly 1,000 staff, ranking among the larger Dutch firms. The stated objective is to protect and expand that position as consolidation pressure rises.
A market signal: Dutch accountancy joins the consolidation wave
PE’s consolidation playbook is becoming increasingly visible across the accounting landscape globally. Recent reference points include Baker Tilly US partnering with Hellman & Friedman and Valeas Capital in connection with a merger process involving Moss Adams, and investments in Grant Thornton by sponsors such as Cinven and New Mountain Capital. In Europe, Baker Tilly UK (MHA) has pursued growth via public markets and international bolt-ons.
Against that backdrop, the Baker Tilly Netherlands transaction signals that the Netherlands is now firmly in play for sponsor-backed platforms, especially those able to act as consolidators rather than targets.
Integration and execution: the real underwriting question
Minority investments in professional services often look straightforward on paper, but value creation typically hinges on execution in three areas:
- Governance and decision speed. Partnership models can slow integration and capital allocation. The key question is whether the new governance setup enables faster M&A decisions while maintaining partner alignment and retention.
- Digital and operating model upgrades. Inflexion has highlighted digital capability building. The execution risk sits in systems migration, workflow standardisation, and change management across offices and service lines.
- Acquisition integration and client retention. If Baker Tilly Netherlands moves back into acquisition mode after a relatively quiet period since 2022, integration bandwidth will matter. Client churn risk and cross-office coordination are often underestimated in people-led businesses.
Benelux platform in focus
The partnership also sits within a broader regional ambition. Baker Tilly Netherlands and Baker Tilly Belgium announced in January 2026 that they would merge to create a combined Benelux platform with more than EUR 200 million in annual revenue and around 1,300 employees. Inflexion, already a minority shareholder in Baker Tilly Netherlands, is expected to take a minority stake in the new combined platform, aligning with its stated Benelux strategy.
Sander Ruijter, Head of Inflexion Benelux, said the platform is positioned to capitalise on core market opportunities and pursue consolidation, reinforcing the view that the sponsor sees this as a build platform rather than a passive financial investment.
What remains undisclosed is valuation, the precise governance rights attached to the 48% stake, and the pace and scope of the M&A pipeline. Those details will determine whether this becomes a blueprint transaction for the Dutch market or a one-off partnership.
What to watch next
- Governance structure and partner retention mechanisms under the 48% minority model
- The first post-investment acquisition: target profile, integration approach, and speed
- Investment intensity in technology and operating model standardisation
- How the Netherlands-Belgium combination is operationalised across service lines and offices
- Competitive response from other Dutch firms exploring sponsor partnerships or consolidation