Well it’s official, we’re in the “sell” part of the private equity cycle. We’re also in the part of the cycle where you may have actually heard of the company investing in the accounting firm. And, because of that, also in the part of the cycle where things heat up significantly now that the big boys are jumping into the accounting space.
Announced today, Blackstone and Citrin Cooperman have struck a deal. If you remember, Citrin Cooperman struck a deal with New Mountain Capital not even three years ago, now that stake will be acquired by Blackstone “as part of the transaction.”
There aren’t a ton of details in the press release, only that Citrin has a “definitive agreement for a significant investment from private equity funds managed by Blackstone.”
New Mountain Capital had this to say in their send off, attributed to managing directors Andre Moura and Nikhil Devulapalli: “We are proud of our successful partnership with Citrin Cooperman, and we thank the management team, partners and staff of Citrin Cooperman for all we have accomplished together over the last three years. We look forward to seeing Citrin Cooperman continue to thrive for the benefit of all its clients and stakeholders.” New Mountain’s majority investment in Citrin was announced in April of 2022. So things are moving fast.
With $1.1 trillion in assets under management, Blackstone is the world’s largest alternative investment firm. You thought there were a lot of private equity deals last year? Just wait.
Some bullshit press release quotes if you want them:
Alan Badey, CEO of Citrin Cooperman, said: “We are excited to have reached an agreement for Blackstone to invest in Citrin Cooperman as we enter our next chapter of growth. Blackstone will help us make additional investments in expanded service offerings and technology as we deliver on our continued commitment to best-in-class firm culture and providing an exceptional client experience. We thank New Mountain for their years of partnership in helping to build and support our business.”
Eli Nagler, a Senior Managing Director at Blackstone, and Kelly Wannop, a Managing Director at Blackstone, said: “The Citrin Cooperman partners and staff have done an exceptional job making the firm a leader through an unwavering commitment to excellence and client service. We are excited to invest in the business to help it continue to provide the highest quality offerings moving forward.”
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