Dive Brief:
- Grant Thornton Advisors announced Monday that it completed its acquisition of fellow professional services firm CBIZ in a deal valued at $5 billion.
- The combination creates the fifth-largest U.S. provider of professional services, tax and advisory offerings, according to the press release. It also marks the completion of the largest transaction of its kind in more than 25 years, Grant Thornton Advisors said.
- “Today, we bring together two firms with complementary capabilities and a shared commitment to incredible client service,” Jim Peko, CEO of Grant Thornton Advisors, said in the release. “CBIZ’s strong U.S. relationships and industry knowledge, combined with our expertise, multinational reach and investment in technology, give us a powerful formula for serving clients no matter how complex their needs.”
Dive Insight:
CBIZ shareholders approved the acquisition at a special meeting on Oct. 27, clearing a key condition for the transaction to close. The deal was first announced in July.
Grant Thornton Advisors said the acquisition strengthens its multinational platform, which spans more than 25 countries and territories.
With the addition of CBIZ, the platform generates more than $7 billion in annual revenue and includes more than 34,500 professionals across the Americas, Europe, the Middle East and the Asia-Pacific region.
The acquisition “provides greater scale to accelerate the firm’s previously announced $1 billion investment in AI and advanced technologies,” Grant Thornton Advisors said in its release. “This is especially important as organizations increasingly seek support to adopt AI, unlock its value and manage the associated risks.”
With the closing of the transaction, CBIZ is now wholly owned by Grant Thornton Advisors, and its common stock has ceased trading on the New York Stock Exchange.
New Mountain Capital, which led an investment in Grant Thornton Advisors in May 2024, provided additional equity to support the acquisition. In connection with the closing, CBIZ’s Benefits & Insurance Services segment has been established as an independent company backed by New Mountain Capital.
Peko will continue in his role as CEO of Grant Thornton Advisors and leader of its multinational platform, the firm said.
Grant Thornton LLP is a licensed, certified public accounting firm and one of two entities operating as Grant Thornton in the U.S., alongside Grant Thornton Advisors LLC, which provides non-attest services, according to the release.
A separate attest transaction involving Grant Thornton LLP and CBIZ CPAs is expected to close later this year.
Following the closing, CBIZ CPAs will remain a separate licensed public accounting firm during a transition period, after which it is expected that CBIZ CPAs will be integrated with Grant Thornton LLP, the release said.
