Grant Thornton Advisors has agreed to acquire CBIZ in an all-cash transaction with an enterprise value of $5 billion. CBIZ shareholders will receive $55 per share, representing a premium of approximately 54% to the company’s 30-day volume-weighted average share price.
New Mountain Capital, which invested in Grant Thornton Advisors in 2024, will provide additional equity to support the transaction.
The acquisition is expected to create the fifth-largest provider of professional services, tax and advisory services in the United States, with more than $5 billion in annual domestic revenue.
The broader multinational platform will operate across more than 20 countries and territories, generate nearly $7.5 billion in revenue and employ more than 34,500 professionals.
Grant Thornton expects the combination to expand its industry specialization, international reach, advisory capabilities and technology-supported client services.
The transaction will also build on the firm’s previously announced $1 billion investment in artificial intelligence and advanced technology.
After the acquisition closes, Grant Thornton plans to separate CBIZ’s Benefits and Insurance Services segment into an independent company backed by New Mountain Capital.
The new business will focus on insurance, retirement and payroll services.
CBIZ’s board unanimously approved the transaction and recommended that shareholders support it. Closing is expected during the fourth quarter of 2026, subject to shareholder approval, regulatory clearances and customary conditions.
CBIZ may solicit and negotiate alternative acquisition proposals during a go-shop period ending August 27, 2026. The company could terminate the Grant Thornton agreement to accept a superior offer under specified conditions, including payment of a termination fee.
Support: Goldman Sachs is advising CBIZ. Deutsche Bank is serving as lead financial advisor to Grant Thornton Advisors, with J.P. Morgan, BMO Capital Markets, BofA Securities, RBC Capital Markets and UBS Investment Bank also advising. Evercore is advising New Mountain Capital and Grant Thornton on the planned separation of the benefits and insurance business.
KEY QUOTES:
“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
“Joining Grant Thornton Advisors accelerates the realization of that vision, creating a stronger firm with new and exciting opportunities for our team members and enhanced service offerings for clients, while delivering significant value to CBIZ shareholders.”
Jerry Grisko, President and CEO of CBIZ
“Following the acquisition of CBIZ, Grant Thornton in the U.S. will be the fifth largest professional services, tax and advisory provider in the nation and one of the most forward-thinking firms in the world regarding AI.”
Andre Moura, Managing Director at New Mountain Capital
