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Citrin Cooperman Advisors LLC, one of the nation”™s largest and fastest-growing professional services firms, completed its acquisition of the nonattest business of the New York City-based accounting, tax and consulting firm Berdon LLP.
According to Citrin Cooperman, the addition of Berdon”™s $110 million in revenue and 450 partners and associates will result in a combined firm that will generate an expected annual revenue of more than $600 million, handled by a team of over 2,400 professionals. The financial terms of the transaction were not disclosed; Citrin Cooperman is headquartered in New York City and has regional offices in Norwalk and White Plains.
In an exclusive interview with the Business Journals, Citrin Cooperman CEO Alan Badey offered insight on the acquisition.
What was the genesis of this acquisition?
While this transaction has been over a year in the making, we have worked with Berdon on many projects in the past and are confident that the cultures of both firms are very much aligned. We have long admired Berdon and their well-earned reputation for client service and technical expertise. Our values, cultures and industry niches align perfectly with each other, and we look forward to working closely with the Berdon team.
What does Berdon bring to Citrin Cooperman that your company did not already have?
The combination of our two firms will expand capabilities in our shared core industries including real estate, construction, family office, and manufacturing and distribution while providing and expanding a deep roster of consulting and advisory services for their combined clients. We are also now positioned as one of the largest firms in the New York Metro area, all of which enable us to better service our clients.
Berdon marks your tenth acquisition in the past 15 months. What do you look for when considering a potential acquisition?
Citrin Cooperman is focused on our people. Putting together smart, creative, talented people in a team culture, creates a great work environment and great services to our clients. It is the number one thing we look at when considering a combination.
Can we expect more merger and acquisition activity from Citrin Cooperman in 2023?
Our growth strategy is to provide the path to success for all of our people. In line with this, ensuring that we continue to serve our client base with quality personalized services encompassing their growing needs. To accomplish this, we continue to grow both organically and inorganically.
Outside of the merger and acquisition activities, what are the priorities that will dominate your company”™s focus this year?
Our goal has always been to put our people and our clients first, and will remain a top priority for us as we continually look for ways to evolve with the industry and the market through:
Transforming and evolving our position in the marketplace as a true professional services firm, focused on assisting our clients in achieving their financial and business goals;
Investing in talent including industry and service line specialists in our current footprint and, strategically, in other geographies;
Growing organically and inorganically including expanding into other complimentary advisory service lines; and
Investing in evolving technologies which will make our firm more efficient and reduce the cost of the delivery of our services.
