New York-based IPA 100 firm Citrin Cooperman (FY23 net revenue $674 million) announced a definitive agreement for a significant investment from private equity funds managed by Blackstone. As part of the transaction, Blackstone is acquiring its stake in the firm from New Mountain Capital LLC.
Alan Badey, CEO of Citrin Cooperman, said, “We are excited to have reached an agreement for Blackstone to invest in Citrin Cooperman as we enter our next chapter of growth. Blackstone will help us make additional investments in expanded service offerings and technology as we deliver on our continued commitment to best-in-class firm culture and providing an exceptional client experience. We thank New Mountain for their years of partnership in helping to build and support our business.”
Eli Nagler, a senior managing director at Blackstone, and Kelly Wannop, a managing director at Blackstone, said, “The Citrin Cooperman partners and staff have done an exceptional job making the firm a leader through an unwavering commitment to excellence and client service. We are excited to invest in the business to help it continue to provide the highest quality offerings moving forward.”
Andre Moura and Nikhil Devulapalli, managing directors at New Mountain, said, “We are proud of our successful partnership with Citrin Cooperman, and we thank the management team, partners and staff of Citrin Cooperman for all we have accomplished together over the last three years. We look forward to seeing Citrin Cooperman continue to thrive for the benefit of all its clients and stakeholders.”
Allan D. Koltin, CEO of Koltin Consulting Group, who advised on the deal commented, “Today is a monumental day for the accounting profession! Citrin Cooperman and New Mountain Capital became the first Top 25 CPA firm in the country to successfully transfer Private Equity ownership from one group to another. They couldn’t have picked a better Private Equity firm to do it with in Blackstone, the world’s largest and most prestigious Private Equity firm. For many in the profession, the biggest question was whether something like this could ever happen, and my belief is there will now be many other transactions like this in the future. Kudos to Citrin Cooperman, New Mountain Capital and Blackstone on making history today!”
