Top 100 firm Citrin Cooperman has acquired Joel Popkin & Company, expanding its presence in New York City and adding new clients in the restaurant and nightclub business.
Popkin will be the third firm to join Citrin Cooperman this year. Approximately 25 staff members and partners will be joining Citrin Cooperman as a result of the acquisition. The deal is expected to take effect Nov. 1.
Citrin Cooperman ranked 22nd on Accounting Today’s 2015 list of the Top 100 Firms, with $175 million in annual revenue. After the addition of Regardie, Brooks & Lewis in Bethesda, Md., on Sept. 1, the firm’s revenues were expected to exceed $185 million. With the acquisition of Popkin, Citrin’s annual revenues are expected to top $190 million.
Popkin has been in business for over 45 years, providing accounting, tax and consulting services, with a specialty in restaurants, nightclubs and event venues. Besides food and hospitality, the firm also services the construction and real estate industries, trusts and nonprofit organizations, and high net worth individuals.
Coupled with Citrin Cooperman’s existing restaurant industry clients, the deal is expected to make the firm one of the largest accounting practices for the restaurant and hospitality services industry in the U.S.
“We continually strive to bring in great people with great clients, and we feel that the partners and staff of Joel Popkin are a perfect fit,” Citrin Cooperman CEO Joel Cooperman said in a statement. “The strong synergies between us and the partners and staff of Joel Popkin & Company will allow us to significantly enhance the full range of services for our clients. We are very proud to have people with such like-minded values and culture join us.”
As part of the deal, Roy Tumpowsky, managing partner of Joel Popkin & Company, will join Nick Florio and Stacy Gilbert as co-chairs of Citrin’s restaurant and hospitality practice.
“We are very excited to be joining Citrin Cooperman,” said Tumpowsky. “Together, we can leverage the strength of our teams and provide our clients with more in-house comprehensive accounting, tax and consulting services that they can utilize to help their businesses grow. It is a great pleasure for us to be joining such a prestigious firm.”
