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Grant Thornton to acquire CBIZ for $5B
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Grant Thornton International J. David Ake/Getty ImagesGrant Thornton will acquire CBIZ in an all-cash $5 billion deal.
Grant Thornton also plans to separate CBIZ's benefits and insurance segment into a new independent company backed by New Mountain.
Jim Peko"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," Jim Peko, CEO of Grant Thornton Advisors and leader of the Grant Thornton Advisors multinational platform, said in a statement.
Grant Thornton has been steadily adding firms to its multiplatform since it first received an investment from New Mountain and split its non-attest services into Grant Thornton Advisors and its attest services into Grant Thornton LLP.
Evercore is acting as financial advisor to New Mountain Capital and Grant Thornton on the CBIZ benefits and insurance segment.