Citrin Cooperman, a leading accounting, tax, and advisory services firm, announced that it was the advisory firm to TAO Group in their sale of a 62.5% interest to MSG.
(PRUnderground) February 14th, 2017
Citrin Cooperman, a leading accounting, tax, and advisory services firm, announced today that it was the advisory firm to TAO Group in their sale of a 62.5% interest in the group’s companies to The Madison Square Garden Company (MSG) for a gross price of $441 million. The closing took place on January 31, 2017.
The TAO Group – founded by Marc Packer, Rich Wolf, Noah Tepperberg and Jason Strauss – operates venues in New York City, Las Vegas, and Sydney with brands TAO, Marquee, Lavo, Avenue, the Stanton Social, Beauty & Essex, and Vandal, among others. The founders will retain a substantial stake in TAO Group and continue to run day-to-day operations with plans to open new spots, including in LA, Chicago, and more globally.
The transaction team was led by Roy Tumpowsky, one of the co-leaders of the firm’s industry-leading Restaurant and Hospitality Practice. He has over 40 years of tax and advisory experience, which includes tax planning for New York’s renowned restaurants and their celebrity chefs.
“TAO has been a tremendous client and it is an honor for Citrin Cooperman to have advised and supported them in this transaction,” stated Roy Tumpowsky. “We are thrilled to see the two companies join forces to create premium hospitality experiences with MSG’s entertainment division.”
“Our efforts on this transaction reflect our approach to helping clients address today’s business challenges and opportunities, and a passion for best-in-class client service,” noted Citrin Cooperman’s CEO, Joel Cooperman.
MSG’s venues include Madison Square Garden, Radio City Music Hall, the Beacon Theatre, and the Forum in Inglewood, Calif., as well as at MSG’s planned state-of-the-art new entertainment venue in Las Vegas. MSG also owns the New York Knicks and the Rangers.
About TAO Group
The TAO GROUP is a leading restaurant and nightlife company that develops, owns and operates many of the most successful food, beverage and nightlife entertainment venues in the United States. Currently TAO Group boasts operations in New York City, Las Vegas and Sydney, Australia. In New York City, the collection includes, Avenue, Beauty & Essex, LAVO Italian Restaurant and Nightclub, Marquee Nightclub and Dayclub, The Stanton Social, TAO Asian Bistro Uptown and TAO Asian Bistro Downtown Restaurant and Lounge. Additionally they operate all of the food and beverage outlets of the Dream Downtown hotel, Ph-D Rooftop, Electric Room Lounge and Bodega Negra. Las Vegas operations include TAO Asian Bistro, Nightclub & Beachclub at The Venetian, LAVO Italian Restaurant & Lounge at The Palazzo and Marquee Nightclub & Dayclub at The Cosmopolitan, as well as Marquee Nightclub at The Star in Sydney, which represents the company’s first international offering. TAO Group regularly brings their brands to additional markets via pop-up venues at noted events such as the Sundance Film Festival, the Ultra Music Festival in Miami, and The Olympics, among others.
About Citrin Cooperman
About Citrin Cooperman: Citrin Cooperman is among the largest, nationally recognized full-service CPA firms in the United States – currently ranked in the top 25. With 10 locations in the Northeast United States and 1 in India, Citrin Cooperman has steadily built its business serving a diverse and loyal clientele since 1979. Our daily mission is to help our clients “focus on what counts.” We enhance the business and personal lives of our clients through our customized approach which includes offering a wide range of attest, assurance, tax, and business advisory services, including valuation and forensic services, across the globe. Citrin Cooperman has deep experience in a variety of industries, including entertainment, financial services, franchising, healthcare, private equity, real estate, and technology. Citrin Cooperman is an independent firm associated with Moore Stephens International Limited. (www.citrincooperman.com)Press Contact
Read full release at PRUnderground.com: Citrin Cooperman Provides Advisory Services to TAO Group in Madison Square Garden Transaction.