Accounting firm Citrin Cooperman said private equity firm New Mountain Capital acquired a majority interest its firm.
Citrin Cooperman, with over 250 partners and 1,300 employees throughout 16 locations and a heavy presence in New Jersey, did not disclose the amount of the investment, which was made six months ago but was not announced until Monday.
“As we got to know New Mountain Capital extremely well over the last ten years, we knew they were the right strategic growth partner for our firm when the timing made sense. We are thrilled to be entering this next phase of our growth journey with them,” said Alan Badey, CEO of Citrin Cooperman.
In the six months since New Mountain invested five strategic firm transactions already closed. Citrin Cooperman merged in Appelrouth, Farah & Co., P.A., in Coral Gables, and Bloom, Gettis & Habib, P.A., in Miami, Florida, and music industry consultancy Massarsky Consulting in New York. Last November, Citrin added OLC Management Inc., a California-based business management firm in the entertainment industry.
Allan Koltin of the Koltin Consulting Group served as exclusive financial adviser. Simpson Thacher & Bartlett LLP served as legal adviser to New Mountain Capital. Zukerman Gore Brandeis & Crossman, LLP served as legal adviser to Citrin Cooperman.