We’ve been told by multiple sources that Citrin Cooperman (IPA Top 100 #19 with $674 million in revenue) laid people off this week but unfortunately details are sparse. If anyone has actual numbers or info on affected service lines, please get in touch.
Citrin Cooperman is one of the several top 20 accounting firms to have sold a stake to private equity in recent years. In 2022, they announced a majority investment from New Mountain Capital, the same firm that is invested in Grant Thornton and which is backing Grant Thornton US’s merger with Grant Thornton Ireland (we still don’t know wtf is with these firms doing cross-border mergers with each other). Citrin Cooperman’s private equity investment was one of the earlier large deals that followed EisnerAmper kicking this whole PE trend off in 2021.
Citrin Cooperman was named #11 on Accounting Today’s 2023 Fastest Growing Accounting Firms in the US and has 250 partners and 1,300 employees across 16 locations in the United States and India. Since the New Mountain Capital investment, they’ve pumped revenue up from $352 million to $674 million — with an assist from the Berdon merger in early 2023 that brought $133 million in revenue to the table — and ascended several spots on IPA’s Top 100.
A month ago the firm’s India branch announced the opening of a brand new office in Hyderabad on LinkedIn.
Our condolences to anyone cut from the roster this week. Trust that better things are right around the corner.
