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Grant Thornton Advisors completed its $5 billion acquisition of CBIZ on Monday, taking the accounting and advisory business off the New York Stock Exchange and creating what the companies describe as the fifth-largest U.S. provider of professional services, tax and advisory offerings.
The closing announcement from Grant Thornton said CBIZ is now wholly owned by Grant Thornton Advisors and its shares, which traded under the ticker CBZ, have ceased trading. The $5 billion figure is the enterprise value of the all-cash transaction, rather than a measure of annual sales.
The deal puts a larger network behind businesses that rely on outside specialists for tax advice, financial reporting and help managing growth. The companies said their combined U.S. professional-services operation has more than $5 billion in annual domestic revenue. Across Grant Thornton Advisors’ multinational platform, revenue exceeds $7 billion and the workforce now numbers more than 34,500 people in over 25 countries and territories.
Advisory deal closes; separate audit transaction remains ahead
Monday’s closing does not mean every part of the combination is finished. A separate transaction involving Grant Thornton LLP and CBIZ CPAs is still expected to close later this year, the companies said. That distinction matters because Grant Thornton Advisors provides non-attest services, including tax and consulting, while the separately licensed Grant Thornton LLP provides audit and assurance services.
Attest work involves a public accounting firm examining financial information and issuing an independent professional opinion. The announcement says CBIZ CPAs would remain a separate licensed accounting firm during a transition period following that transaction, before an expected integration with Grant Thornton LLP. Those steps are plans, not completed events.
The combined advisory organization ultimately intends to use the Grant Thornton brand and an integrated business model. Jim Peko remains chief executive of Grant Thornton Advisors and leader of its multinational platform. For clients, that makes the coming integration and brand transition the next phase of the deal, rather than another change in ownership still awaiting approval.
Private-equity backing and a separate insurance business
New Mountain Capital, which invested in Grant Thornton Advisors in May 2024, supplied additional equity for the acquisition, according to the announcement. The companies said the combination also adds scale behind a previously announced $1 billion investment in artificial intelligence and advanced technology. They did not announce another $1 billion spending commitment on Monday.
CBIZ’s Benefits & Insurance Services segment has been established as an independent company backed by New Mountain Capital in connection with the closing. It is therefore a separate part of the transaction’s structure, not simply another service line folded into the combined tax and advisory business.
Grant Thornton said the enlarged U.S. organization has approximately 20,000 professionals and expects to create more opportunities for employees to participate in equity structures and partnership-track careers. The release did not set out a staffing-reduction plan or a detailed timetable for completing the operational integration.
JBizNews Desk | New York
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