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New Mountain Capital, a leading growth-oriented investment firm that manages more than $35 billion in assets under management announces a majority investment in Citrin Cooperman, a top full-service advisory, tax and assurance firm in the United States.
In the six months since New Mountain’s investment, Citrin Cooperman has been rapidly expanding by partnering with and integrating accounting and consulting firms that fit synergistically with its culture and model of advising middle-market businesses and high net worth individuals across a variety of industries. Partnering with New Mountain has also allowed Citrin Cooperman to aggressively seek out and acquire technology and advisory companies as it continues to build a fully developed financial services company which will help drive organic growth.
New Mountain’s investment in Citrin Cooperman reflects the investment firm’s commitment to the financial services and governance, risk and compliance (GRC) sectors. In Citrin Cooperman’s next phase, New Mountain will bring this expertise to help Citrin Cooperman drive organic and acquisition-led growth.
“We have known the leadership of Citrin Cooperman for ten years, and we are excited to provide strategic and financial resources to the partners of Citrin Cooperman as they accelerate their organic and inorganic expansion,” said Andre Moura, Managing Director at New Mountain Capital. “Citrin Cooperman is an outstanding firm, and we are pleased with all the progress that has already been made in the first six months since our investment.”
“Our expertise and focus on our clients have made us a clear leader in our space, and this exciting partnership with New Mountain will provide resources to continue to add talent and technological innovation as we grow. I am thrilled about the number of accounting firms across the United States and abroad that have reached out to us, and I expect the next several years to be exciting,” said Joel Cooperman, Executive Chairman and Co-Founder of Citrin Cooperman.
“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. “Our goal has always been to put our clients first, and we are particularly excited about how this partnership will help us enhance our core services, expand new advisory service offerings and develop technology capabilities for even better service to our clients.”
“We have already seen significant growth into several new markets in the short period we have been working with the Citrin Cooperman team and we look forward to building on this success,” says Nikhil Devulapalli, Director of New Mountain Capital.
“Citrin Cooperman is already the country’s fastest growing first generation firm and their combination with New Mountain Capital will create a national powerhouse,” said Allan D. Koltin, CEO of Koltin Consulting Group, who served as exclusive financial advisor on the deal.
“Given their track record for growth and attracting top talent, I wouldn’t be surprised to see the firm break the $1 billion revenue figure in the next five years. New Mountain Capital has a very successful history of working with professional services (people) businesses and will be an amazing strategic and financial partner to Citrin Cooperman.”
Citrin Cooperman is the trusted advisor to more than 15,000 loyal clients with over 250 partners and 1,300 employees throughout 16 locations in the United States and India.
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.
New Mountain Capital is a New York-based investment firm that emphasizes business building and growth, rather than debt, as it pursues long-term capital appreciation. The firm currently manages private equity, credit, net lease real estate and public equity funds with over $35 billion in assets under management. New Mountain seeks out what it believes to be the highest quality growth leaders in carefully selected industry sectors and then works intensively with management to build the value of these companies.
Citrin Cooperman is one of the nation’s largest professional services firms, having steadily built its business serving a diverse and loyal clientele since 1979. Our daily mission is to help our clients “focus on what counts.” Rooted in our core values, we provide a comprehensive, integrated business approach to traditional services, which includes proactive insights throughout the lifecycle of our clients wherever they do business, across the globe. Citrin Cooperman & Company, LLP, a licensed independent CPA firm that provides attest services and Citrin Cooperman Advisors LLC which provides business advisory and non-attest services, operate as an alternative practice structure in accordance with the AICPA’s Code of Professional Conduct and applicable laws, regulations and professional standards. Clients are in all business sectors and leverage a complete menu of service offerings.
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Tags: Advisory, Firm Management, Technology
