Citrin Cooperman, a Top 30 Firm based in New York, has acquired Murray Devine Valuation Advisors, an independent advisory firm headquartered in Philadelphia, the latest in a string of M&A deals since Citrin received private equity funding last fall.
Murray Devine, which also has offices in New York and Austin, Texas, has been providing valuation services for more than three decades to private equity, private debt and venture capital firms, hedge funds, banks and corporations. As part of the deal, Murray Devine's senior management team, led by co-founder Dennis Murray, will join with Citrin Cooperman's valuation advisory services practice leaders to oversee the combined valuation services business.
"We're thrilled to join Citrin Cooperman's Valuation Advisory Services Practice and look forward to the next chapter in Murray Devine's growth," Murray said in a statement Tuesday. "The combined platform will have an expanded service offering and bring to bear additional resources on our best-in-class valuation capabilities. Our team is incredibly dedicated, talented and hardworking, and we know we're joining a group who shares those same qualities."
Murray Devine adds 38 team members, six of whom are partners, to Citrin, which has over 270 partners and more than 1,600 employees.
Financial terms of the deal were not disclosed. Citrin Cooperman ranked No. 23 on Accounting Today's 2022 list of the Top 100 Firms, with $350 million in annual revenue.
"Welcoming Murray Devine is something we are really excited about," said Citrin Cooperman CEO Alan Badey, in a statement. "They bring an amazing group of partners and staff with deep technical skills, which, combined with our existing valuation advisory services team, will continue to position Citrin Cooperman as an industry leader with these services."
"Dennis, Frank, and their team are a great addition to Citrin Cooperman's Advisory Practice," Richard DeRienzo, Citrin Cooperman's managing partner of advisory services, added in a statement. "The team is well known and has an excellent reputation in the marketplace, and they will have a bright future as part of our firm."
Last November, private equity firm New Mountain Capital bought a 60% stake in Citrin, prompting the firm to split off its non-attest side into Citrin Cooperman Advisors, while the attest side is known as Citrin Cooperman & Co. The extra private equity funding has sparked a series of M&A transactions at Citrin. In August, it acquired
