Citrin Cooperman to Merge in Carrow Doyle
Accounting firm Citrin Cooperman plans to merge in Carrow Doyle & Associates at the beginning of November, expanding the New York-based firms presence in Pennsylvania.
The partners and staff of Berwin, Pa.-based Carrow Doyle will be moving into Citrins existing office in Philadelphia in mid-to-late November after the deal closes on Nov. 1, according to a letter circulated by Citrin managing partner Joel Cooperman.
Carrow Doyle is a $3 million practice that specializes in areas such as real estate, hedge funds, restaurants, high-end home developers and high-net-worth individuals. Citrin Cooperman ranked 33rd on Accounting Todays 2009 list of the Top 100 Firms, with $80.5 million in revenue.
As a result of the merger, Mark Carrow, William Briggs and James Revels will become partners at Citrin. They will be joining Chris Hegarty, another partner who recently began working at Citrins Philadelphia office after he was partner-in-charge at Smart & Associates. Citrins Philadelphia office dates back to its merger with Yampolsky Mandeloff Silver Ryan in November 2007 (see Citrin Cooperman Combines with Four Firms).
Cooperman believes the Philadelphia office will now bill and collect over $10 million annually with the addition of Carrow Doyle, a more than 200 percent increase since the merger with YMSR two years ago.
Citrin Cooperman is quickly becoming a mega-regional to note in the greater Northeast, said Allan Koltin, CEO of Chicago-based M&A consultancy PDI Global. They have quietly built out New York and are (or will be) expanding into Philadelphia, Washington D.C., and Boston. What has made them so impressive is the number of partners who have merged in and achieved greater success.