Grant Thornton Advisors to buy CBIZ for $5B in New Mountain-backed deal
What's the deal? Grant Thornton AdvisorsDealroom has a profile for this one. Try Dealroom → has agreed to acquire CBIZDealroom has a profile for this one. Try Dealroom → in an all-cash transaction with an enterprise value of $5 billion. CBIZ shareholders will receive $55.00 per share in cash — a premium of roughly 54% to the company's 30-day volume-weighted average share price.
Who's involved? New Mountain CapitalDealroom has a profile for this one. Try Dealroom →, which led a May 2024 investment in Grant Thornton Advisors, is putting in incremental equity to support the deal. CBIZ (NYSE: CBZ) is a US professional services provider; Grant Thornton Advisors offers tax, audit, and advisory services.
What's the endgame? Upon closing, Grant Thornton in the US is expected to become the fifth-largest provider of professional services, tax, and advisory services, with more than $5 billion in annual domestic revenue. The combined multinational platform will span more than 20 countries, generate nearly $7.5 billion in revenue, and employ over 34,500 professionals.
What changes? The deal builds on Grant Thornton Advisors' recently announced $1 billion investment in AI and advanced technologies. CBIZ's Benefits and Insurance Services segment will be set up as an independent company backed by New Mountain Capital.
Why now? Grant Thornton called it the largest transaction of its kind in more than 25 years. "By combining our multinational platform with CBIZ's strong market presence, we're broadening our ability to support businesses through every stage of growth," said Jim Peko, chief executive officer of Grant Thornton Advisors.
The signal: The deal marks accelerating consolidation among professional services firms, as private capital fuels scale and AI-enabled offerings reshape how tax and advisory work is delivered.
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