03:06 PM EST, 01/07/2025 (MT Newswires) -- Blackstone-managed (BX) private equity funds signed a deal to acquire a stake in Citrin Cooperman Advisors from private equity firm New Mountain Capital, which originally invested in the specialty accounting firm in late 2021, the companies said Tuesday.

Citrin Cooperman Chief Executive Officer Alan Badey said the Blackstone investment will fund its "next chapter of growth" as well as help expand its service offerings and technology to attract more clients.

Financial terms of the transaction were not disclosed but Blackstone said it acquired all of New Mountain's prior stake in Citrin Cooperman. The Financial Times, citing people familiar with the matter, said the investor group will control more than two-thirds of the private company's stock, although Blackstone itself kept its stake below 50% to avoid regulatory scrutiny into the independence of its audit businesses.

The deal likely values Citrin Cooperman's at more than $1 billion, roughly double its value when New Mountain acquired its stake, the sources told the Financial Times.

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