Particulars: Citrin Cooperman, a High 25 Agency based mostly in New York, has arrange its first Chicago workplace by buying Shepard Schwartz & Harris, a agency that focuses on purchasers in the actual property, development, manufacturing and distribution industries, the most recent in a string of M&A offers since Citrin obtained non-public fairness funding final yr.
Final November, non-public fairness agency New Mountain Capital purchased a 60% stake in Citrin, prompting the agency to separate off its non-attest facet into Citrin Cooperman Advisors LLC, whereas the attest facet is named Citrin Cooperman & Co. LLP. The non-attest belongings of SSH will likely be becoming a member of Citrin Cooperman Advisors LLC, whereas the attest belongings will be part of Citrin Cooperman & Firm LLP.
Earlier this month, Citrin acquired Kingston Smith Barlevi, a agency in Los Angeles that makes a speciality of leisure purchasers. In April, Citrin added McNulty & Associates, Inc., a consulting agency in Westford, Massachusetts. In March, Citrin merged in Appelrouth, Farah & Co. PA in Coral Gables, and Bloom, Gettis & Habib PA in Miami, and music business consultancy Massarsky Consulting in New York. Final November, Citrin added OLC Administration Inc., a California-based enterprise administration agency within the leisure business.
Citrin has lengthy specialised in leisure business purchasers. Its founder, Joel Cooperman, began out doing the live performance books for rock teams just like the Who and Sure whereas working for a predecessor agency of EisnerAmper, in keeping with Crain’s Chicago Enterprise. After founding Citrin in 1979, his agency continued to do the accounting for the Who till final yr. Different music business purchasers embrace AC/DC, the Seashore Boys, the Black Eyed Peas, the Gipsy Kings, Jethro Tull, and Joan Jett & the Blackhearts, and film business purchasers like director Martin Scorsese and actors Chevy Chase, Liam Neeson and Ana de Armas.
The newest M&A deal for Citrin doesn’t contain a agency concerned in within the leisure business, however Shepard Schwartz & Harris brings a listing of purchasers largely in privately held companies in the actual property, development, manufacturing and distribution industries. Shephard Schwartz & Harris has 10 companions and over 50 employees members. Monetary phrases of the deal weren’t disclosed. Citrin Cooperman ranked No. 23 on Accounting Immediately’s 2022 record of the High 100 Companies, with $350 million in annual income. Citrin has over 260 companions and greater than 1,200 workers.
SSH was based in 1935 by Irving Shepard and Morris Schwartz, who have been later joined by Jerome Harris. The agency supplies tax, accounting and enterprise advisory companies to purchasers in Chicago and the Midwest. Mary Fuller and Stan Lazar will likely be co-managing companions of the newly established Citrin Cooperman workplace in SSH’s present downtown Chicago location.
“To be the primary Citrin Cooperman workplace in Chicago is mostly a distinctive expertise,” Fuller and Lazar mentioned in a joint assertion Monday. “We’re excited to introduce the Chicago and Midwest markets to the Citrin Cooperman sources and companies and proceed to assist our purchasers with their private and enterprise wants.”
The corporations have been negotiating a mixture for some time now. “I’ve recognized Mary and Stan for eight years and have loved each dialog we’ve had, together with the negotiations,” Cooperman mentioned in a press release. “I’m so completely satisfied that we’re lastly collectively, and we sit up for bringing our huge array of companies to their purchasers and to the Midwest.”
Koltin Consulting Group CEO Allan D. Koltin suggested each corporations on the deal. “Citrin Cooperman is coming into the market with all of the help and sources of a nationwide agency mixed with the non-public and native data of a Chicago-based enterprise,” he mentioned in a press release. “SS&H was wanted by each nationwide and regional agency in Chicago for a merger. They match the outline of ‘Chicago’s Greatest’ by way of expertise, entrepreneurism, and management and are blessed to have a roster of a few of Chicago’s most profitable companies and excessive internet value people.”
The deal will allow Citrin to develop its footprint to a significant market. “Increasing our companies within the Midwest, and particularly in Chicago, is an unbelievable alternative,” mentioned Citrin Cooperman CEO Alan Badey in a press release. “And to have the ability to achieve this with the top-notch professionals at Shephard Schwartz & Harris, a group that’s so deeply entrenched out there, it’s superb.”