Citrin Cooperman acquires Teplitzky in Connecticut

New York City-based Citrin Cooperman is acquiring Teplitzky & Co. PC, expanding its presence in Connecticut, and continuing its private equity-fueled spate of acquisitions.

Based in Woodbridge, Connecticut, Teplitzky is an accounting, consulting and tax firm that specializes in the health care industry. It was originally founded in 1928.

“We are thrilled to add the preeminent health care accounting firm in the state of Connecticut to the Citrin Cooperman family,” said Citrin Cooperman Advisors CEO Alan Badey, in a statement. “What struck us most about Teplitzky is the team’s long history of exceptional client service and deep-rooted relationships in the Connecticut market, which is a perfect fit for our firm and growth strategy in the state and the broader New England region.”

Financial terms of the deal, which is expected to close in November, were not disclosed. Teplitzky’s five partners and more than 20 staff will be joining Citrin Cooperman, which ranked No. 18 on Accounting Today’s 2024 Top 100 Firms list, with $700 million in revenue, 490 partners, and more than 2,700 personnel.

“Joining Citrin Cooperman broadens our ability to provide our clients with enhanced services and resources without sacrificing our personalized, hands-on approach,” said Teplitzky managing partner Jeffrey Teplitzky, in a statement.

Daniel Astrachan, president of Astrachan Legacy Consultants, advised on the transaction.

Since receiving PE funding in 2021 from New Mountain Capital, Citrin Cooperman has operated in an alternative practice structure, with Citrin Cooperman Advisors LLC offering non-attest services, and Citrin Cooperman & Co. LLP performing attest work. The relevant assets of Teplitzky are being acquired by the appropriate Citrin entities.

With its PE funding, Citrin Cooperman has been active on the M&A front over the past few years. In June, it acquired Worcester, Massachusetts-based S&G, and earlier this year, it acquired Maier Markey & Justic in White Plains, New York; Keefe McCullough & Co. in Fort Lauderdale, Florida; Mibar, a business software consulting firm in New York; and Coleman Huntoon & Brown, in Chapel Hill, North Carolina. Last year, it added Gettry Marcus, a Regional Leader based in Woodbury, New York; FMT Consultants, a California-based consulting firm; and Berdon, a Top 50 Firm based in New York.

In 2022, Citrin acquired Murray Devine Valuation Advisors, an independent advisory firm headquartered in Philadelphia; Untracht Early, in Florham Park, New Jersey; Shepard Schwartz & Harris in Chicago; Kingston Smith Barlevi in Los Angeles; McNulty & Associates in Westford, Massachusetts; Appelrouth, Farah & Co. in Coral Gables, Florida; Bloom, Gettis & Habib in Miami; as well as music industry consultancy Massarsky Consulting in New York. In 2021, it added OLC Management, a California-based business management firm.