A second private-equity company acquires top 20 firm Citrin Cooperman

Top 20 firm Citrin Cooperman announced Tuesday its second recent ownership shift orchestrated by private equity.

Blackstone has acquired a “significant” stake in Citrin Cooperman, acquiring the majority investment initially made in April 2022 by private-equity investment company New Mountain Capital LLC. Terms of the transaction were not disclosed.

“We are excited to have reached an agreement for Blackstone to invest in Citrin Cooperman as we enter our next chapter of growth,” Citrin Cooperman CEO Alan Badey said in a news release. “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.”

Blackstone’s acquisition is the latest among numerous recent deals involving large accounting firms.

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