The accounting and consulting firm Citrin Cooperman, which has 16 offices including in White Plains and Norwalk, says that it expects enhanced expansion following an investment by New Mountain Capital. New Mountain, which has more than $35 billion in assets under management, made what Citrin Cooperman describes as a “major investment.” Citrin Cooperman did not disclose the amount of the investment, which was made six months ago but was not announced until April 11.
“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.
Joel Cooperman, executive chairman and co-founder of Citrin Cooperman, said, “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,”
Citrin Cooperman said that partnering with New Mountain has enabled it to aggressively seek out and acquire technology and advisory companies as it continues to build a fully developed financial services company. It was founded in 1979 and currently has 250 partners and 1,300 employees. Citrin Cooperman previously reported on its website that its revenues had surpassed $300 million.
“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,” said Nikhil Devulapalli, director of New Mountain Capital.
New Mountain was founded in 1999 by Steve Klinsky, who serves as its CEO. He had been co-founder of the Leverage Buyout Group of Goldman Sachs & Co., where he helped execute more than $3 billion in transactions for Goldman and its clients. He then joined Forstmann Little and Co., helping to oversee seven private equity and debt partnerships totaling more than $10 billion in capital.
New Mountain Capital says that its private equity strategy seeks to acquire leaders in carefully selected industries, and then to build those businesses. It says it generally invests between $100 million and $500 million per transaction in companies with enterprise values typically between $100 million and $1 billion.