Top 20 accounting firm Citrin Cooperman said Tuesday it has acquired substantially all the assets of HW&Co., a Woodmere, OH-based accounting and advisory firm that is among the top 300 largest in the U.S. by revenue.
Financial terms of the deal weren’t disclosed. HW&Co. joins Citrin Cooperman with 14 partners and more than 140 employees.
This is New York City-based Citrin Cooperman’s first M&A activity since private equity behemoth Blackstone acquired a majority stake in the accounting firm last month from New Mountain Capital, a much smaller private equity firm that announced its investment in Citrin Cooperman in April 2022. That deal marked the first time in the accounting profession that private equity ownership of a CPA firm had been transferred, or flipped, from one investment group to another.
Citrin Cooperman said on Feb. 18 that the acquisition of HW&Co. strengthens its presence in the Midwest region and enhances its service offerings to better serve clients across various industries, including healthcare, nonprofit, real estate, manufacturing and distribution, and agriculture, among others.
“We are thrilled to welcome HW&Co. into the Citrin Cooperman family,” Alan Badey, CEO of Citrin Cooperman Advisors, said in a statement. “Their strong reputation in the Midwest and dedication to client success make them an excellent fit for our firm. This acquisition allows us to expand our footprint and enhance the services we offer to our clients.”
Founded more than 30 years ago, HW&Co. (formerly known as Howard, Wershbale & Co.) offers comprehensive financial and business advisory services in accounting and auditing, tax strategies, private business advisory, healthcare, litigation, transaction advisory, fraud and forensic accounting, and revenue cycle consulting.
In addition to its Woodmere headquarters, HW&Co. has four other Ohio offices in Middleburg Heights, Westerville, Mansfield, and Willoughby.
“Joining forces with Citrin Cooperman presents a tremendous opportunity for our clients and our team,” said Brandon Miller, president and CEO of HW&Co. and new managing partner of Citrin Cooperman’s Ohio offices. “We share a common culture of excellence and a commitment to delivering exceptional value. Together, we will continue to provide the personalized service our clients expect, now with access to a broader range of resources and expertise.”
Allan Koltin, CEO of Koltin Consulting Group, who advised both sides on the transaction, added, “This combination is a natural fit, bringing together two firms with complementary strengths and a shared vision for the future. Citrin Cooperman’s strategic growth and HW&Co.’s regional expertise will create significant value for their clients and opportunities for their professionals.”
As is typical for accounting firms that operate in alternative practice structures following a deal with a private equity firm, the transaction will consist of two acquisitions: Citrin Cooperman Advisors LLC will acquire the nonattest assets of HW&Co. and Citrin Cooperman & Co. LLP will acquire the attest assets of HW&Co.
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