On Tuesday, Blackstone Inc. ( BX ) , through private equity funds managed by the firm, inked a definitive deal to make a significant investment in Citrin Cooperman Advisors LLC for an undisclosed amount.

As part of the deal, Blackstone will acquire its stake in the firm from New Mountain Capital LLC.

Citrin Cooperman, established in 1979, provides tax, advisory, and accounting services to help businesses and individuals. The firm serves over 15,000 clients worldwide, focusing on building lasting relationships.

The deal values Citrin at over $2 billion and is part of a growing trend where private equity firms are acquiring stakes in midsize audit and consulting firms in the U.S., as per WSJ.

Alan Badey, CEO of Citrin Cooperman, stated that this investment will help the company expand its services and technology while staying committed to fostering a top-tier firm culture and providing an exceptional client experience.

In November, Blackstone agreed to acquire Retail Opportunity Investments Corp. for $17.50 per share in an all-cash deal valued at $4 billion.

The purchase price represented a premium of 34% to Retail Opportunity Investments' closing share price on July 29, 2024, the last trading day before news reports of a potential sale.

Investors can gain exposure to the stock via AdvisorShares Gerber Kawasaki ETF ( GK ) and EA Series Trust WHITEWOLF Publicly Listed Private Equity ETF .

Price Action: BX shares are down 0.04% at $171.28 at the last check Wednesday.

Read Next:

2025 Industry Shake-Up: Goldman Highlights KKR, Raymond James, Hamilton Lane

Image via Shutterstock.