Grant Thornton Advisers has announced a definitive agreement to acquire CBIZ in an all-cash transaction valued at $5 billion, marking the largest professional services transaction in more than a quarter of a century and signalling another major shift in the rapidly evolving US accounting and advisory market.
The acquisition, supported by additional investment from private equity firm New Mountain Capital, will establish Grant Thornton as the fifth-largest provider of professional services, tax and advisory services in the United States, strengthening its competitive position against the industry’s dominant Big Four firms.
Upon completion, CBIZ shareholders will receive $55 per share in cash, representing a premium of approximately 54 per cent over the company’s 30-day volume-weighted average share price.
The transaction is expected to complete during the fourth quarter of 2026, subject to shareholder approval, regulatory clearances and customary closing conditions.
A Defining Moment for the Professional Services Sector
The acquisition represents one of the most significant developments within the accounting and advisory profession since the landmark Price Waterhouse and Coopers & Lybrand merger that created PwC.
Once integrated, the combined organisation is expected to generate more than $5 billion in annual domestic revenue, while its multinational platform will produce nearly $7.5 billion in worldwide revenue and employ more than 34,500 professionals operating across more than 20 countries and territories throughout the Americas, Europe, the Middle East and Asia-Pacific.
The enlarged organisation will combine Grant Thornton Advisers’ expanding international platform with CBIZ’s extensive domestic client relationships, creating a broader service offering capable of supporting businesses from early-stage growth through to multinational expansion.
AI Investment Becomes a Strategic Differentiator
A central objective of the acquisition is the acceleration of artificial intelligence-enabled professional services.
The transaction builds upon Grant Thornton Advisers’ previously announced $1 billion investment in artificial intelligence and advanced technologies, significantly expanding its ability to deploy AI-driven advisory, tax and professional services across a wider client base.
As businesses increasingly demand technology-enabled advisory solutions capable of improving efficiency, compliance and strategic decision-making, the acquisition positions Grant Thornton to compete more aggressively within a marketplace where digital capability is rapidly becoming a key competitive advantage.
Jim Peko, Chief Executive Officer of Grant Thornton Advisers LLC and leader of the firm’s multinational platform, described the acquisition as a transformational opportunity.
“By combining our multinational platform with CBIZ’s strong market presence, we’re broadening our ability to support businesses through every stage of growth—from early development to global scale. Together, we’ll bring the quality, scope and capabilities clients need to navigate an increasingly complex and rapidly evolving business environment.”
Industry Consolidation Continues to Accelerate
The acquisition reflects a broader wave of consolidation that continues to reshape the professional services industry.
Over recent years, firms have increasingly pursued mergers and acquisitions to achieve greater scale, broaden specialist expertise and invest more heavily in emerging technologies.
CBIZ itself expanded significantly through its $2.3 billion acquisition of Marcum in 2024, while the combination of Baker Tilly US and Moss Adams further intensified competition among mid-market firms seeking to challenge the dominance of Deloitte, EY, KPMG and PwC.
Grant Thornton Advisers’ latest transaction demonstrates that scale, technology investment and international reach have become critical strategic priorities for firms seeking long-term growth.
Enhanced Capabilities Across Multiple Service Lines
Beyond increasing geographical reach, the acquisition substantially broadens the combined firm’s service capabilities.
Clients are expected to benefit from:
- Expanded multinational advisory capabilities.
- Enhanced tax and consulting services.
- Broader AI-enabled solutions.
- Increased investment in innovation and technology.
- Improved cross-border support for growing organisations.
The enlarged business also intends to continue investing heavily in talent development, positioning itself as an employer capable of attracting experienced professionals in an increasingly competitive recruitment market.
Benefits and Insurance Business to Become Independent
Following completion of the transaction, Grant Thornton Advisers intends to separate CBIZ’s Benefits and Insurance Services division into an independent business backed by New Mountain Capital.
The new organisation will focus exclusively on insurance, retirement and payroll services, allowing both businesses to pursue distinct growth strategies while maintaining specialist expertise within their respective markets.
New Mountain Capital executives Bob Mulcare and Sean Donovan said the standalone business would build upon the division’s established market position while creating additional opportunities for both employees and clients.
Strong Strategic and Cultural Alignment
CBIZ President and Chief Executive Officer Jerry Grisko described the transaction as a natural strategic fit, highlighting the complementary cultures and shared client-first philosophy of both organisations.
He said the acquisition would accelerate CBIZ’s long-term vision while creating broader opportunities for employees and expanding the firm’s service offering for clients across multiple industries.
Meanwhile, New Mountain Capital reaffirmed its commitment to Grant Thornton Advisers’ growth strategy, having first invested in the business during 2024.
Managing Director Andre Moura said the enlarged organisation would become one of the world’s most technologically progressive professional services firms, particularly through its continued investment in artificial intelligence.
Shareholder Approval and Go-Shop Process
The CBIZ Board of Directors has unanimously approved the transaction and recommended that shareholders vote in favour of the agreement.
As part of the merger terms, CBIZ has entered a customary “go-shop” period running until 27 August 2026, during which alternative acquisition proposals may be considered.
Unless a superior proposal emerges under the conditions set out within the merger agreement, the acquisition is expected to proceed later this year.
What This Means for the Professional Services Industry
Grant Thornton Advisers’ acquisition of CBIZ represents far more than another corporate transaction.
It reflects the accelerating transformation of the global professional services market, where firms are increasingly competing on technological capability, international reach and specialised expertise rather than traditional scale alone.
As artificial intelligence continues to reshape accounting, tax and advisory services, the combination creates a significantly larger platform capable of delivering technology-enabled solutions across a broader range of industries and international markets.
For competitors, clients and investors alike, the transaction serves as another clear indication that consolidation and digital transformation will continue to define the next chapter of the professional services sector.
Continued
From Environmental Services to National Professional Services Leader
CBIZ’s journey has been one of remarkable transformation spanning almost four decades.
The business traces its origins to 1987, when Stout Environmental, Inc. was incorporated in Delaware. Following several corporate restructurings during the 1990s, including ownership under Republic Industries and a merger creating International Alliance Services, Inc., the organisation gradually shifted its strategic direction away from environmental operations.
By 1997, the company had divested its environmental services division, rebranding as Century Business Services, Inc., before adopting the shorter and more recognisable CBIZ, Inc. name in August 2005.
Today, CBIZ has evolved into a diversified professional services provider headquartered in Independence, Ohio, operating from more than 120 offices nationwide and employing nearly 7,000 professionals.
The company’s shares have traded on the New York Stock Exchange since 1996 under the ticker symbol CBZ, providing investors with nearly three decades of public market exposure.
Strategic Growth Through Acquisition
CBIZ has consistently pursued expansion through carefully selected acquisitions, allowing the company to strengthen its expertise across accounting, consulting, insurance, cybersecurity, technology and retirement advisory services.
Its acquisition strategy accelerated considerably during the past several years.
During 2022, CBIZ expanded with the acquisitions of Marks Paneth LLP and cybersecurity specialist Stinnett & Associates, strengthening both its accounting and digital security capabilities.
The momentum continued throughout 2023 with the addition of Danenhauer and Danenhauer, Somerset CPAs and Advisers, Pivot Point Security, Ickovic & Co. PC and American Pension Advisers Ltd., significantly broadening its national presence and service portfolio.
In 2024, CBIZ further expanded through acquisitions including Erickson, Brown & Kloster and technology consultancy CompuData, before completing one of the industry’s largest transactions by acquiring Marcum LLP.
The Marcum acquisition proved transformational, elevating CBIZ to become the seventh largest accounting firm in the United States by total revenue, substantially enhancing its market position within the highly competitive professional services sector.
Most recently, in 2026, the company expanded its international capabilities through the acquisition of India-based BINDZ Consulting Private Limited.
Comprehensive Professional Services Portfolio
CBIZ has developed into a multidisciplinary advisory organisation delivering solutions across three principal business divisions.
Financial Services
The company’s Financial Services division delivers traditional accounting, tax compliance and business advisory services alongside specialist offerings including transaction advisory, litigation support, valuation services, risk consulting and healthcare compliance consulting for both federal and state government programmes.
Benefits and Insurance Services
CBIZ also provides comprehensive employee benefits and insurance brokerage solutions, including group healthcare benefits, property and casualty insurance, retirement planning, investment advisory, payroll solutions and broader human capital management services.
National Practices
Its National Practices division focuses on managed information technology services, networking infrastructure, hardware support and specialist healthcare consulting, enabling clients to access integrated business solutions from a single trusted provider.
Experienced Leadership and Industry Influence
Throughout its history, CBIZ has attracted experienced business leaders from a variety of backgrounds.
Notable individuals associated with the organisation include former United States Representative Ed Feighan, entrepreneur Wayne Huizenga, Canadian businessman Michael DeGroote and former professional basketball player Joel Kramer.
Their involvement reflects the company’s longstanding reputation within both corporate America and the wider professional services industry.
Looking Ahead
As the proposed $5 billion acquisition progresses, CBIZ stands at a defining moment in its corporate history.
Having evolved from an environmental services business into one of America’s largest accounting, insurance and advisory organisations, the company has consistently demonstrated an ability to adapt, expand and innovate through strategic investment and targeted acquisitions.
Should the Grant Thornton transaction complete as expected, it will mark another significant milestone in CBIZ’s evolution, reinforcing its legacy as one of the United States’ most influential professional services organisations while positioning the combined business for continued growth in an increasingly competitive marketplace.
Image Alt Text: CBIZ headquarters as the financial and advisory services company announces a proposed $5 billion acquisition by Grant Thornton Advisers LLC.
Frequently Asked Questions
What is CBIZ?
CBIZ is a United States-based provider of accounting, tax, insurance, financial advisory and consulting services headquartered in Independence, Ohio.
How large is CBIZ?
The company operates from more than 120 offices across the United States and employs nearly 7,000 professionals.
Who is acquiring CBIZ?
Grant Thornton Advisers LLC has entered into a definitive agreement to acquire CBIZ in an all-cash transaction valued at approximately $5 billion, with financial backing from New Mountain Capital.
Why is the acquisition significant?
The acquisition represents one of the largest recent transactions within the accounting and professional services industry and follows CBIZ’s rapid expansion through multiple strategic acquisitions, including Marcum LLP, which elevated the company to become the seventh largest accounting firm in the United States by revenue.
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