CITRIN COOPERMAN
Acquired by
BLACKSTONE
CITRIN COOPERMAN acquired by BLACKSTONE
Target
CITRIN COOPERMAN
Acquirer
BLACKSTONE
Context
Blackstone acquired a majority stake in Citrin Cooperman from New Mountain Capital in a landmark deal valuing the firm at an enterprise value of over $2 billion. The strategic rationale focuses on continuing the firm's rapid consolidation of the fragmented regional accounting market and accelerating investments in AI and offshore delivery centers to improve margins. Partners of the firm reinvested a substantial portion of their equity, while the deal structure ensures the audit side remains independently owned to satisfy SEC and PCAOB independence standards.
CITRIN COOPERMAN, which reported an EBITDA margin of LOGIN in 2024, is valued in this transaction at an EV/EBITDA multiple of LOGIN, representing a LOGIN premium to the 11.3x average currently observed in the Business Services sector.
Note that this data is based on contribution from our growing community, composed of M&A and Private Equity professionals, and has been verified by our team to ensure its accuracy.
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Target
Citrin Cooperman is one of the top 20 largest accounting and professional services firms in the US. It provides a comprehensive range of tax, accounting, and advisory services to middle-market businesses and high-net-worth individuals. The firm operates under an "alternative practice structure" to separate its non-attest services (advisory/tax) from its audit business to comply with regulatory independence requirements. With over 2,800 employees and 250+ partners, the firm has seen massive growth via an aggressive "buy-and-build" strategy, completing over 15 acquisitions between 2021 and 2024.
Ent. Value
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Equity Value
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Multiples Analysis
EV / Revenue
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EV / EBITDA
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EV / EBIT
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Historical Financials (EUR)
Other operations with CITRIN COOPERMAN
| Date | Acquirer | Target | Country | Sector | Deal Context |
|---|---|---|---|---|---|
| 04/2022 | NEW MOUNTAIN CAPITAL | CITRIN COOPERMAN | UNITED STATES | Accounting & Audit | New Mountain Capital acquired a majority stake in Citrin Cooperman, marking a historic shift for the firm from a traditional partnership to a PE-backed growth model. The strategic partnership was designed to provide the financial and technological resources needed to accelerate both organic growth and a massive consolidation program. In the first six months following the investment, the firm successfully closed five strategic acquisitions, expanding its geographic footprint and diversifying into specialized technology and advisory services. The deal served as a catalyst for Citrin Cooperman to evolve into a fully developed financial services platform. |
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