Citrin Cooperman Strengthens Midwest Reach Through Acquisition
Citrin Cooperman Advisors LLC, recognized as a leading professional services provider for private and middle-market businesses, has announced a major acquisition. The company is set to acquire the assets of Ostrow Reisin Berk & Abrams, Ltd. (ORBA), a well-respected accounting and advisory firm based in Chicago with additional offices in Oak Brook and Salt Lake City.
This strategic move signifies a remarkable step for Citrin Cooperman, allowing them to broaden their operations within the Midwest region. This expansion is expected to fortify their service offerings across diverse sectors such as manufacturing, professional services, sports, entertainment, real estate, and more. ORBA, with its team of 15 partners and over 150 dedicated professionals, will enhance Citrin Cooperman's already robust service portfolio.
Leadership Insights on the Acquisition
Alan Badey, the CEO of Citrin Cooperman Advisors LLC, expressed his enthusiasm about the acquisition: "This marks a pivotal moment in Citrin Cooperman's growth journey. ORBA's storied reputation built on excellence and strong client relationships aligns perfectly with our culture. We are excited to combine forces to create a powerful entity that offers new opportunities for both our teams and our clients. Together, we echo a sentiment of 'Better, Together!'
The Legacy of ORBA
Founded in 1977, ORBA has established itself as a trusted name in the Chicago professional services landscape. The firm specializes in delivering tax, accounting, and advisory services to a variety of clients, including entrepreneurs and nonprofit organizations. By joining Citrin Cooperman, ORBA’s clients stand to benefit from increased resources and enhanced specialized services designed to meet their evolving needs.
Future Opportunities for Professionals and Clients
Joseph Odzer, CEO of ORBA, highlighted the opportunity this acquisition presents, stating, "Joining Citrin Cooperman marks an exciting new chapter for our firm. We are proud of our history and the high-quality service we have provided over five decades. This merger allows us to embrace our legacy while also unlocking new possibilities. Our clients will continue receiving personalized service, now enriched by Citrin Cooperman’s extensive expertise and resources. Furthermore, our professionals will find numerous avenues for career advancement in this shared culture that reflects our established values."
Expert Commentary on the Merger
Allan Koltin, CEO of Koltin Consulting Group, who provided counsel throughout the acquisition process, commented on the synergy between the two firms. He noted, "There’s a strong connection in the collaborative spirit of Citrin Cooperman and ORBA. They both prioritize a client-focused approach, making this combination appealing to top talent and clients alike in the industry."
This acquisition is part of Citrin Cooperman's larger strategic vision to grow through partnerships with firms that share similar values, dedication to excellence, and a commitment to client service. Since 2019, Citrin Cooperman has successfully completed over 30 acquisitions, firmly positioning itself as one of the most proactive and respected firms within the accounting profession.
Transaction Structure and Expectations
In line with standard practices for alternative structures, Citrin Cooperman Advisors LLC will acquire the non-attest assets, while Citrin Cooperman & Company, LLP will take ownership of the attest assets of ORBA. The expected conclusion of this transaction is anticipated within the coming months.
About ORBA and Citrin Cooperman
Ostrow Reisin Berk & Abrams, Ltd. (ORBA) has been serving privately held businesses and high-net-worth individuals since its inception. Renowned for its direct approach and deep knowledge within various sectors, ORBA consistently earns accolades as one of the Midwest’s top accounting firms.
Citrin Cooperman, on the other hand, proudly stands as a premier accounting and advisory firm, recognized nationally for its exceptional service and rapid growth. The firm's culture focuses on impactful relationships with clients and communities, underpinned by a robust team of over 3,300 professionals.
As an independent member of Moore North America, Inc., Citrin Cooperman connects with a global network comprising over 37,000 professionals in 227 independent firms across 114 countries, ensuring quality service on an international scale. Their commitment to excellence and innovative culture defines their competitive advantage.
Frequently Asked Questions
What does the acquisition mean for ORBA's clients?
The acquisition will grant ORBA’s clients access to enhanced resources and expanded specialty services through Citrin Cooperman.
How does Citrin Cooperman plan to integrate ORBA?
Integration will focus on preserving ORBA's client relationships while augmenting services with Citrin Cooperman's expertise.
What is the expected timeline for the transaction's closure?
The transaction is anticipated to complete in the upcoming months.
What industries will benefit from the acquisition?
Industries including manufacturing, professional services, sports, entertainment, and real estate will see enhanced service offerings.
What is the vision for Citrin Cooperman's growth?
The firm aims for growth through strategic partnerships with firms that share similar values and commitment to excellent client service.
