CITRIN COOPERMAN acquired by 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.
It is worth noting that the fund New Mountain Capital took control of Citrin Cooperman through an LBO in 2022.
CITRIN COOPERMAN, which reported an EBITDA margin of [members only] in 2024, is valued in this transaction at an EV/EBITDA multiple of 15x–25x, representing a premium to the average currently observed in the Business Services sector (11.4x).
-> Deep-dive in Business Services market trends
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
$1–10bn
Equity Value
[members only]
Multiples
EV / Revenue
1x–3x
EV / EBITDA
15x–25x
EV / EBIT
[members only]
Historical Financials (USD)
Other operations with CITRIN COOPERMAN
Other operations with CITRIN COOPERMAN
| Date | Acquirer | Target | Country | Sector |
|---|---|---|---|---|
| 04/2022 | NEW MOUNTAIN CAPITAL | CITRIN COOPERMAN | UNITED STATES | Accounting & Audit |
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REFERENCES
Valuation range: EV $1–10bn
Revenue range: $450–900M
EBITDA range: $100–200M
EV/Revenue range: 1x - 3x
EV/EBITDA range: 15x - 25x
Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of CITRIN COOPERMAN by BLACKSTONE are reserved for mynth community members. Register for free to unlock full data.
Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.
Target: citrin cooperman
Acquirer: blackstone