Blackstone Enters CPA Industry Through Stake in Citrin Cooperman

Blackstone, the world’s largest alternative asset manager, will enter the accounting market with a deal to acquire an equity stake in Citrin Cooperman Advisors LLC, a top 20 US accounting and consulting firm.

An investor group led by Blackstone announced Tuesday it will acquire a majority ownership in the firm, which serves privately held mid-market businesses and high net worth individuals. Blackstone will acquire its equity from New Mountain Capital, a smaller competitor that has backed Citrin Cooperman since 2022.

Now Citrin is poised to become the first US accounting firm to swap one private investor for another.

The new ...