Baker Tilly Joins with Umbaugh and Springsted to Boost Municipal Practice

Vicki Hellenbrand

Chicago-based Baker Tilly (FY18 net revenue of $578.4 million) has announced a three-way combination with municipal advisory firms H.J. Umbaugh and Associates and Springsted Inc.

Indianapolis-based Umbaugh (FY17 net revenue of $24.2 million) and Springsted, with eight offices around the country, are two of the largest and well-established independent public sector municipal advisory firms in the country with nearly 200 team members and more than 130 years of combined operating experience. The combination is expected to be effective in first quarter of this year.

“This strategic combination brings together what we believe to be a unique set of resources within a premier municipal advisory practice,” says Vicki Hellenbrand, Baker Tilly partner and public sector practice leader. “We are dedicated to the public sector by serving state and local governmental units and non-profit organizations.”

Baker Tilly has a longstanding public sector practice with 220 professionals serving nearly 1,000 government clients. Additionally, Baker Tilly’s industry concentration complements its public sector specialization, in particular housing and economic development, higher education and health care.

Umbaugh is the largest CPA firm in the U.S. that focuses solely on financial management, capital planning, bond issuance and post issuance advising and consulting for municipalities, utilities, schools, libraries, counties and townships.

Todd Samuelson

“We are proud of our longstanding reputation for helping community leaders resolve the financial issues they face as they work to improve the quality of life in their communities,” says Todd Samuelson, Umbaugh executive partner. “Joining forces with Baker Tilly and Springsted gives us national resources and broader capabilities to expand services to our clients as well as enhance growth and development opportunities for our team members.”

Springsted also has a well-established history of specializing in providing public finance and human capital services for public and non-profit organizations. Springsted’s public finance services include municipal finance and post-issuance compliance, operational finance, investment, and housing and economic development services. Human capital services include executive recruitment, management consulting, compensation consulting and community surveys.

Springsted President Kathleen Aho says, “There is a strong cultural alignment between Springsted, Umbaugh and Baker Tilly. Each firm is progressive and entrepreneurial with complementary skillsets and a shared focus on people and commitment to excellent client service.”

Gary Adamson with Adamson Advisory LLC advised Umbaugh. Robert Metzfield and Steve McConley of Wells Fargo Advisors advised Springsted.


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