Regional accounting firm Citrin Cooperman said it was expanding into Philadelphia and building its existing offices with the addition of other accounting firms and practices.
The Philadelphia deal involves a merger with Yampolsky Mandeloff Silver Ryan, the first time that firm has expanded outside the Philadelphia metropolitan area. Terms of the deals were not disclosed, but Citrin expects the Philly deal to add $4.5 million to $5.5 million in revenue, along with four partners and 30 professional staff.
"The Philadelphia firm is interesting to us," said Citrin managing partner Joel Cooperman, a Philadelphia native. "We've been successful building our practice in White Plains, N.Y., and in Springfield, N.J. We think we can do the same with Philadelphia. It's about an hour-and-eight-minute train ride, not much more than a typical commute."
YMSR partners Alan Mandeloff, Terry Silver, Kevin Ryan and Albert Zepp will join Citrin as partners.
The other deals involve a New York financial services boutique firm, Kaufmann Gallucci Grumer (KGG), which has joined the New York City headquarters of Citrin Cooperman. KGG partners Bob Kaufmann, Ron Gallucci and Dave Grumer will now become partners at Citrin Cooperman, and head up the firm's financial services niche.
In addition, two sole practitioners, Spencer Barback and Ed Heben, and their staffs have also joined Citrin Cooperman's Westchester office. Barback is a general practitioner, while Heben focuses on litigation support and business valuations. Cooperman estimates that the KGG practice makes about $2 million in revenue, while Barback's makes about $1 million.
With the mergers and business combinations, he predicts that his firm will have a run rate of $75 million in revenue in 2008, and will have about 325 people and partners. Cooperman has overseen the integration of 25 firms in 27 years, and he plans to do more mergers next year, starting around July. "We've already been contacted by about half a dozen or more firms to do deals with us in 2008," he said.
Register or login for access to this item and much more
All Accounting Today content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access