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Blackstone Acquires Majority Stake in Citrin Cooperman from New Mountain Capital
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Subscribe07 JAN 2025 / M&A UPDATES
Private equity firm, Blackstone, has agreed to acquire a majority stake in Citrin Cooperman Advisors, a leading tax, advisory, and accounting firm, from New Mountain Capital. The transaction, expected to close in Q2 2025, represents a growing trend of private equity investments in the accounting sector and a pivot for Citrin Cooperman, set to expand its services and technologic capacities.
In a significant development within the professional services sector, private equity giant Blackstone has entered into a definitive agreement to acquire a majority stake in Citrin Cooperman Advisors LLC from New Mountain Capital. This transaction, announced on January 7, 2025, marks a pivotal moment for Citrin Cooperman, a leading tax, advisory, and accounting firm serving private middle-market businesses and high-net-worth individuals.
Strategic Investment to Propel Growth
Founded in 1979, Citrin Cooperman has established itself as a trusted advisor to over 15,000 clients globally. The firm's CEO, Alan Badey, expressed enthusiasm about the partnership with Blackstone, emphasizing plans to invest in expanded service offerings and technology enhancements. He also acknowledged New Mountain Capital's support in building and supporting the business over the past years.
Blackstone's Perspective
Eli Nagler, Senior Managing Director at Blackstone, and Kelly Wannop, Managing Director at Blackstone, commended Citrin Cooperman's partners and staff for their unwavering commitment to excellence and client service. They expressed excitement about investing in the business to help it continue providing high-quality offerings moving forward.
New Mountain Capital's Reflection
Andre Moura and Nikhil Devulapalli, Managing Directors at New Mountain, expressed pride in their successful partnership with Citrin Cooperman. They thanked the management team, partners, and staff for their collective accomplishments over the past three years and looked forward to seeing the firm continue to thrive for the benefit of all its clients and stakeholders.
Industry Context
This transaction underscores a growing trend of private equity investments in the accounting sector. Notably, Blackstone's acquisition of a majority stake in Citrin Cooperman, valuing the firm at over $2 billion, represents a significant increase in valuations within the industry. Previously, New Mountain Capital had acquired Citrin Cooperman in 2021 for approximately $500 million. Under New Mountain's ownership, the firm expanded its revenues to about $850 million in 2024 through several regional acquisitions, solidifying its position among the top 20 firms in the U.S.
The transaction is expected to close in the second quarter, subject to customary closing conditions. Terms of the deal were not disclosed.
This strategic move by Blackstone highlights the increasing interest of private equity firms in the steady revenue streams and growth potential of accounting and professional services firms.
Until next time…
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