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October 18, 2024

Private equity-backed Citrin Cooperman to acquire CT accounting firm

CoStar Accounting firm Teplitzky & Co. is located in Building 600, 1 Bradley Road, in Woodbridge.
By David Krechevsky

Woodbridge-based accounting and consulting firm Teplitzky & Co. has entered into an agreement to be acquired by New York-based professional services firm Citrin Cooperman.

Under the agreement, Citrin will acquire substantially all the assets of Teplitzky & Co. P.C., located at 1 Bradley Road in Woodbridge, the firms said Thursday. 

Financial terms of the agreement were not disclosed.

The deal falls in line with a broader consolidation wave within the accounting industry. Citrin Cooperman is also among a growing number of accounting firms that recently accepted private equity investment, which is a relatively new trend within the accounting profession.

Private equity firm New Mountain Capital acquired a majority stake in Citrin Cooperman in 2022. Since then, the firm has made a number of acquisitions. 

The Connecticut deal will consist of two acquisitions: Citrin Cooperman Advisors LLC will acquire Teplitzky's nonattest assets, while Citrin Cooperman & Co. LLP will acquire Teplitzky's attest assets, the firms said. 

The transaction is expected to close in November.

Teplitzky will join Citrin Cooperman’s alternative practice structure with five partners and over 20 professionals, expanding Citrin Cooperman’s presence in Connecticut. 

The firm also has an office in Norwalk. 

Nationwide, it has offices in 12 states, including Massachusetts and Rhode Island.

Teplitzky & Co. is an accounting firm that has worked with companies, medical practices and individuals since 1928, providing guidance in the areas of federal and state taxation, general tax services, auditing, estate planning and medical management advisory services.

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