Grant Thornton Advisors agreed on 29 July to acquire CBIZ, the NYSE-listed accounting, tax and advisory firm, in an all-cash deal with an enterprise value of $5bn.
Why Grant Thornton Advisors LLC is buying CBIZ, Inc.
The buyer said combining its multinational platform with CBIZ's US client relationships would make Grant Thornton in the US the fifth-largest provider of professional services, tax and advisory services, with more than $5bn of domestic revenue. Globally the platform would have nearly $7.5bn of revenue and more than 34,500 staff.
“This is a historic combination with a complementary cultural and strategic fit.”
Deal terms and financing
CBIZ shareholders will receive $55.00 per share in cash, about 54% above the 30-day volume-weighted average. New Mountain Capital, which led an investment in Grant Thornton Advisors in May 2024, will put in incremental equity. After closing, CBIZ's Benefits and Insurance Services segment will become a separate company backed by New Mountain.
Regulatory approvals and timing
The deal requires CBIZ shareholder approval and regulatory clearances, and is expected to close in the fourth quarter of 2026. CBIZ could solicit rival proposals during a go-shop that ended on 27 August.
Market context
Accounting Today ranks CBIZ eighth among US firms with $2.8bn of revenue and Grant Thornton ninth with $2.5bn. Private equity money has driven consolidation among US accounting firms since 2024.
