What's Happening?
Citrin Cooperman, a prominent accounting firm based in New York, is acquiring Ostrow Reisin Berk & Abrams, Ltd. (ORBA), a regional leader in Chicago. This acquisition marks a significant investment in the Chicago and Midwest markets, reflecting Citrin Cooperman's confidence in the region's growth potential. ORBA's team, consisting of 15 partners and over 150 professionals, will join Citrin Cooperman, enhancing the firm's capabilities in various industries such as manufacturing, distribution, real estate, sports and entertainment, professional services, and high-net-worth individuals. The financial terms of the deal, expected to close in October, have not been disclosed. Citrin Cooperman ranks No. 17 on Accounting Today's list of Top 100 Firms, with revenues of $870 million and an employee count of 3,471, including over 450 partners.
Why It's Important?
The acquisition of ORBA by Citrin Cooperman is a strategic move that strengthens Citrin Cooperman's position in the Midwest, a region with significant economic potential. This expansion allows Citrin Cooperman to offer enhanced services and expertise to its clients, leveraging ORBA's established reputation and client relationships. The merger is expected to create new opportunities for both firms' professionals and clients, fostering growth and innovation. As Citrin Cooperman continues to expand through acquisitions, it solidifies its status as a major player in the accounting and advisory industry, potentially influencing market dynamics and competitive strategies among other firms.
What's Next?
Following the acquisition, Citrin Cooperman will integrate ORBA's team and resources, focusing on expanding its service offerings and client base in the Midwest. The firm is likely to explore further growth opportunities in the region, leveraging its increased presence and capabilities. Stakeholders, including clients and employees, can anticipate enhanced services and career opportunities as the firms combine their strengths. The industry may see increased consolidation as firms seek to expand their reach and capabilities through strategic acquisitions.
Beyond the Headlines
This acquisition highlights the growing trend of private equity involvement in the accounting industry, as Citrin Cooperman has completed numerous acquisitions since receiving private equity funding. The deal underscores the importance of strategic partnerships and mergers in driving growth and innovation within professional services. Additionally, the merger may influence the competitive landscape in the Midwest, prompting other firms to consider similar strategies to enhance their market position.
