Citrin Cooperman adds FMT Consultants

Citrin Cooperman, a Top 25 Firm in New York, has merged in FMT Consultants, a California-based consulting firm, in the latest deal since Citrin received private equity funding in 2021.

FMT, based in Carlsbad, California, specializes in enterprise resource planning, customer relationship management, cloud productivity, business intelligence, and integration solutions for midmarket manufacturing, distribution and other businesses. The company, founded in 1995, will join Citrin Cooperman, adding more than $29 million in revenue and over 80 people to Citrin's growing presence on the West Coast.

Citrin ranked No. 21 on Accounting Today's 2023 list of the Top 100 Firms, with $488 million in annual revenue in 2022. However, the firm recently did a major merger in February with another top firm, Berdon, that is expected to make it a $600 million megafirm (see story).

Analise Olszewski

The deal with FMT is just the latest in a series of mergers since private equity firm New Mountain Capital bought a 60% controlling stake in Citrin in October 2021, causing the firm to split off its non-attest side into Citrin Cooperman Advisors, while the attest side is known as Citrin Cooperman & Co. 

"FMT is a wonderful fit to join our transformation and growth services group," said Citrin Cooperman Advisory Services president Richard DeRienzo in a statement Tuesday. "The team at FMT has been a natural fit since the day we were introduced as our cultures are a perfect match, and with business intelligence and enterprise resource planning even more critical to any business' success, it is fantastic to welcome FMT and expand our ability to offer these solutions to our clients."

"We were intentional in joining a firm that shares our core values of service excellence, integrity, passion and innovation," said FMT CEO Eric Casazza in a statement. "We see this move as the perfect way to grow our team and benefit our clients through combining our business process and technical expertise with Citrin Cooperman's vast advisory services and deep industry knowledge." 

Last September, Citrin acquired Murray Devine Valuation Advisors, an independent advisory firm headquartered in Philadelphia. In August, it acquired Untracht Early, an accounting firm in Florham Park, New Jersey. In July, it expanded into Chicago by acquiring Shepard Schwartz & Harris, and added Kingston Smith Barlevi, in Los Angeles. In April, Citrin added McNulty & Associates, a consulting firm in Westford, Massachusetts, and in March, it merged in Appelrouth, Farah & Co. in Coral Gables, and Bloom, Gettis & Habib in Miami, as well as music industry consultancy Massarsky Consulting in New York. In November 2021, it added OLC Management, a California-based business management firm.