Grant Thornton Advisors, backed by New Mountain Capital, has completed its acquisition of CBIZ in an all-cash transaction with an enterprise value of approximately $5 billion.
The combination creates the fifth-largest U.S. provider of professional services, tax, and advisory offerings, generating more than $5 billion in annual domestic revenue.
Grant Thornton Advisors’ expanded multinational platform now generates more than $7 billion in annual revenue and includes over 34,500 professionals across more than 25 countries and territories.
The transaction also marks the completion of what the companies describe as the largest combination of its kind in more than 25 years.
The combined organization will ultimately operate under the Grant Thornton brand, bringing together CBIZ’s U.S. market relationships and industry expertise with Grant Thornton’s international advisory capabilities.
Jim Peko will continue serving as CEO of Grant Thornton Advisors and leader of its multinational platform.
Following completion, CBIZ became a wholly owned subsidiary of Grant Thornton Advisors, and its shares ceased trading on the New York Stock Exchange.
A separate transaction involving Grant Thornton LLP and CBIZ CPAs is expected to close later in 2026, subject to applicable requirements.
The acquisition expands Grant Thornton Advisors’ expertise across accounting, tax, advisory, technology, and industry-specific professional services.
It also provides greater scale to support the firm’s previously announced $1 billion investment in artificial intelligence and advanced technologies.
New Mountain Capital, which initially invested in Grant Thornton Advisors in May 2024, provided additional equity to support the acquisition.
The combination creates new professional development and career opportunities for approximately 20,000 U.S.-based employees.
In connection with the closing, CBIZ Benefits & Insurance Services was established as a separate company backed by New Mountain Capital.
KEY QUOTES:
“Today, we bring together two firms with complementary capabilities and a shared commitment to incredible client service. 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. Our focus now is on bringing together the best of both organizations to help our clients achieve even greater success, while opening new paths for our people to grow and thrive.”
Jim Peko, CEO Of Grant Thornton Advisors
“This transaction significantly expands a platform that already had strong momentum, fueled by exceptional talent, leading AI resources and deep access to capital. We’re proud to support Grant Thornton Advisors with additional resources to empower our people to win in the market and deliver the highest quality work. Together, Grant Thornton Advisors and CBIZ will be stronger than ever with greater reach and enhanced capabilities to serve a wide range of clients at every stage of growth.”
Andre Moura, Managing Director At New Mountain Capital
“Grant Thornton Advisors and CBIZ together have broad reach and impressive capabilities that are singular in the accounting and consulting space. Today, Grant Thornton Advisors is in a stronger position than ever to serve its clients and create meaningful opportunities for its partners and professionals.”
Nikhil Devulapalli, Managing Director At New Mountain Capital
