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Rhode Island-based advisory and accounting firm, Citrin Cooperman, has announced a definitive agreement for a “significant” investment from private equity funds managed by Blackstone.
As part of the transaction, Blackstone will acquire a stake in the firm from New Mountain Capital LLC and will give Citrin Cooperman an enterprise value of over $2bn (£1.6bn).
News of the deal comes as, in the last three years, a third of the largest US accounting firms have entered the portfolios of PE funds.
Citrin Cooperman has now become the first firm to change hands twice, having entered a deal with New Mountain in 2021, which gave it an enterprise value of $500m (£401m).
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 provide an exceptional client experience.
“We thank New Mountain for their years of partnership in helping to build and support our business.”
Kelly Wannop, a managing director at Blackstone, added: “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.”
Founded in 1979, Citrin Cooperman is now considered a trusted advisor to more than 15,000 clients globally through its tax, advisory and accounting services.
