Citrin Cooperman Acquires ORBA, Expanding CPA Services in Chicago

What's Happening?

Citrin Cooperman, a prominent CPA and advisory firm, has announced the acquisition of Ostrow Reisin Berk & Abrams Ltd. (ORBA), a well-regarded CPA firm based in Chicago. This strategic move is part of Citrin Cooperman's ongoing expansion efforts in the Midwest, bolstered by private equity funding. ORBA, known for its expertise in serving owner-operated businesses, nonprofits, and high-net-worth individuals, will bring its 15 partners and over 150 professionals into Citrin Cooperman's fold. The acquisition is expected to close in October, although financial terms have not been disclosed. This merger positions Citrin Cooperman as a top 15 CPA firm in Chicago, with revenues exceeding $75 million.

Why It's Important?

The acquisition of ORBA by Citrin Cooperman signifies a major consolidation in the accounting industry, particularly in the Chicago market. This move enhances Citrin Cooperman's capabilities and client offerings, providing a broader range of services and expertise. For ORBA, joining Citrin Cooperman offers access to expanded resources and career opportunities for its professionals. The merger reflects a trend of CPA firms leveraging private equity investments to fuel growth and competitiveness. This consolidation could impact local businesses and high-net-worth clients by offering more comprehensive advisory services.

What's Next?

As the acquisition finalizes, Citrin Cooperman will likely focus on integrating ORBA's operations and personnel into its existing framework. This may involve aligning business practices and expanding service offerings to capitalize on the combined expertise. The firm may also pursue further acquisitions to strengthen its market position. Stakeholders, including clients and employees, will be watching closely to see how the merger affects service delivery and career prospects.