Citrin Cooperman to Receive Major Boost with Blackstone Investment
Deal News | Jan 07, 2025 | Blackstone
Citrin Cooperman Advisors LLC, a leading provider of tax, advisory, and accounting services to middle-market businesses and high-net-worth individuals, has entered into an agreement to receive significant investment from Blackstone, a premier private equity firm. This transaction results in Blackstone acquiring its stake in Citrin Cooperman from New Mountain Capital, which had been a partner for three years. The investment is aimed at expanding Citrin Cooperman’s service offerings and improving technology, positioning them for future growth. Blackstone expressed confidence in the existing management and service quality at Citrin Cooperman and is optimistic about enhancing the firm’s capabilities. Key legal and financial advisories involved include Deutsche Bank Securities Inc., Kirkland & Ellis LLP, Gibson, Dunn & Crutcher LLP for Blackstone, and Guggenheim Securities, LLC for New Mountain and Citrin Cooperman.
Sectors
- Professional Services
- Private Equity
Geography
- United States – Citrin Cooperman, Blackstone, and New Mountain Capital are based in the United States, making this investment transaction primarily centered in the US.
Industry
- Professional Services – Citrin Cooperman operates in the professional services sector, offering tax, advisory, and accounting services.
- Private Equity – Blackstone and New Mountain Capital are both private equity firms, which indicates involvement in the financial sector through investments and capital management.
Financials
- Undisclosed – Specific terms and financial details of the transaction between Blackstone and New Mountain Capital for Citrin Cooperman were not disclosed.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Citrin Cooperman Advisors LLC | Target | Company | A leading provider of tax, advisory and accounting services, servicing over 15,000 global clients. |
| Blackstone | Bidding Company | Company | The world’s largest alternative asset manager, acquiring a stake in Citrin Cooperman from New Mountain Capital. |
| New Mountain Capital LLC | Selling Company | Company | An investment firm based in New York that managed Citrin Cooperman’s interests for three years before selling its stake to Blackstone. |
| Deutsche Bank Securities Inc. | Financial Advisor | Company | Served as financial adviser to Blackstone in this transaction. |
| Kirkland & Ellis LLP | Legal Advisor | Company | Provided legal advisory services to Blackstone. |
| Gibson, Dunn & Crutcher LLP | Legal Advisor | Company | Provided legal advisory services to Blackstone. |
| Guggenheim Securities, LLC | Lead Financial Advisor | Company | Served as lead financial advisor to Citrin Cooperman and New Mountain. |
| Koltin Consulting Group | Financial Advisor | Company | Provided additional financial advisory services to New Mountain and Citrin Cooperman. |
| Simpson Thacher & Bartlett LLP | Legal Advisor | Company | Served as a legal adviser to New Mountain and Citrin Cooperman. |
| Zukerman Gore Brandeis & Crossman, LLP | Legal Advisor | Company | Served as a legal adviser to New Mountain and Citrin Cooperman. |
| Hunton Andrews Kurth LLP | Legal Advisor | Company | Served as a legal adviser to New Mountain and Citrin Cooperman. |