Citrin Cooperman's Major Ownership Shift to Blackstone

Citrin Cooperman, a prominent accounting firm, has announced a significant shift in its ownership structure. Blackstone, the world's largest private equity firm, has acquired a majority stake in Citrin Cooperman from New Mountain Capital. This deal marks the first instance in the U.S. where a private equity ownership in an accounting firm has transitioned from one group to another. Although the financial terms of the transaction remain undisclosed, Citrin Cooperman's CEO, Alan Badey, expressed optimism about Blackstone's role in facilitating further growth and technological advancements for the firm. This transition follows New Mountain's initial acquisition of a majority stake in April 2022, which led to several mergers and acquisitions for Citrin Cooperman. The transaction also showcases a potential trend for similar deals to occur in the future, as noted by Allan Koltin of Koltin Consulting Group. Financial and legal advisory roles were played by Deutsche Bank Securities, Guggenheim Securities, Kirkland & Ellis, Gibson, Dunn & Crutcher, Simpson Thacher & Bartlett, Zukerman Gore Brandeis & Crossman, and Hunton Andrews Kurth. Experts from Blackstone and New Mountain have spoken positively about the partnership and the future prospects of Citrin Cooperman.