STOCK TITAN

CBIZ completes $5B cash merger with Viking ParentCo

CBIZ common stock stopped trading, while the Benefits & Insurance Services segment became an independent company backed by New Mountain Capital.

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Form Type
8-K

Rhea-AI Filing Summary

CBIZ, Inc. completed its merger on November 2, 2026, becoming a wholly owned subsidiary of Viking ParentCo, an affiliate of Grant Thornton Advisors. The all-cash transaction had a stated enterprise value of $5 billion; approximately $5.235 billion in funds used for the merger and related transactions was financed through equity and debt.

CBIZ common stock ceased trading on the NYSE, and the company requested delisting and deregistration. At closing, stockholders' rights ended except for the right to merger consideration or appraisal rights for holders who properly demanded and did not withdraw them. CBIZ repaid its credit facility in full; its directors resigned, its officers ceased serving, and Jim Peko was appointed CEO of the surviving corporation. Its Benefits & Insurance Services segment became an independent company backed by New Mountain Capital.

Filing Explained

The CFO’s merger-related tax reimbursement is conditional and capped at two million three hundred sixty-eight thousand nine hundred forty-six dollars.

A separate attest transaction involving Grant Thornton LLP and CBIZ CPAs remains expected to close later this year; CBIZ CPAs will remain a separate licensed public accounting firm during a transition, after which integration with Grant Thornton LLP is expected.

The reporting transition remains prospective: after Form 25 becomes effective, the surviving corporation intends to file Form 15 seeking termination of registration under Section 12(g) and suspension of its Exchange Act reporting obligations.

A letter agreement provides CFO Brad Lakhia reimbursement, if required, for specified excise taxes on merger-related payments, with all payments capped at $2,368,946.

Item 1.02 Termination of a Material Definitive Agreement Business
A significant contract was terminated, which may affect business operations or revenue.
Item 2.01 Completion of Acquisition or Disposition of Assets Financial
The company completed a significant acquisition or sale of business assets.
Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing Securities
The company received a delisting notice, failed to satisfy a continued-listing rule or standard, or transferred its listing.
Item 3.03 Material Modification to Rights of Security Holders Securities
A change was made that materially affects the rights of existing shareholders (e.g., dividend rights, voting rights).
Item 5.01 Changes in Control of Registrant Governance
A change in control of the company occurred, such as through a merger, takeover, or management buyout.
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers Governance
Key personnel changes including departures, elections, or appointments of directors and executive officers.
Item 5.03 Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year Governance
The company amended its charter documents, bylaws, or changed its fiscal year.
Item 8.01 Other Events Other
Voluntary disclosure of events the company deems important to shareholders but not covered by other items.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.
Enterprise value $5 billion Stated value of the all-cash transaction
Funds used Approximately $5.235 billion Merger and related transactions; funded through equity and debt financing
Maximum letter agreement payments $2,368,946 Agreement with CBIZ Chief Financial Officer Brad Lakhia
Annual domestic revenue More than $5 billion Combined CBIZ and Grant Thornton Advisors organization
Annual revenue More than $7 billion Grant Thornton Advisors multinational platform after the CBIZ addition
Professionals More than 34,500 Grant Thornton Advisors multinational platform, including CBIZ team members
enterprise value financial
"with an enterprise value of $5 billion"
Enterprise value is the total worth of a company, reflecting what it would cost to buy the entire business. It includes the company's market value plus any debts, minus its cash holdings, offering a comprehensive picture of its true value. Investors use it to compare companies regardless of their capital structures, helping them assess how much they would need to pay to acquire the business.
appraisal rights regulatory
"the rights provided under Section 262 of the DGCL"
A legal right that lets shareholders who dislike the price or terms of a buyout, merger or other major corporate change ask for an independent determination of the fair value of their shares instead of accepting the deal price. Think of it like asking a neutral referee to set the payout if you believe the offered price is too low. For investors, appraisal rights can provide a way to recover a higher cash value but can be slow, costly and create uncertainty around deal outcomes.
Form 25 regulatory
"a notification of removal from listing and registration on Form 25"
A Form 25 is an official filing with the U.S. Securities and Exchange Commission used to remove a company's stock or other security from a national exchange list. Investors should care because delisting often means less visibility, lower trading volume and wider price swings—similar to a product moving from a major supermarket to a small local market, which can make buying, selling and valuing the security more difficult.
Form 15 regulatory
"a certification on Form 15 requesting the termination of the registration"
A Form 15 is a short filing a public company uses with the U.S. Securities and Exchange Commission to stop or pause its routine public reporting requirements when it meets certain legal thresholds (such as a low number of public shareholders) or other qualifying conditions. Investors should care because filing one typically means less public financial information and lower trading liquidity—similar to a shop taking down its public notice board, making it harder to track performance and buy or sell shares.
alternative practice structure technical
"operate as an alternative practice structure (APS)"
An alternative practice structure is a business model that lets professional service practices — such as law firms, medical clinics or dental offices — be owned, managed or financed in nontraditional ways, for example by outside investors, corporate entities, or new organizational forms. It matters to investors because changing ownership rules can create new growth opportunities, shift competitive dynamics and valuations, and introduce different regulatory or legal risks; think of it as opening a previously closed club to outside capital.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What was the value of the CBZ acquisition?

The all-cash transaction had a stated enterprise value of $5 billion. Separately, approximately $5.235 billion in funds was used to consummate the merger and related transactions, funded through equity and debt financing.

What happened to CBIZ stock after the merger?

CBIZ common stock ceased trading on the NYSE. CBIZ requested that the NYSE file Form 25 to delist and deregister the shares; after Form 25 becomes effective, the surviving corporation intends to file Form 15 to terminate registration under Section 12(g) and suspend reporting obligations.

What happened to CBIZ's Benefits & Insurance Services segment?

The segment was established as an independent company backed by New Mountain Capital in connection with the merger closing.

What is the maximum payment under Brad Lakhia's CBIZ letter agreement?

CBIZ's agreement with Brad Lakhia, its Chief Financial Officer, provides reimbursement, if required, for excise taxes on certain merger-related payments. The maximum value of all payments under the agreement is $2,368,946.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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false 0000944148 --12-31 0000944148 2026-11-02 2026-11-02
 
 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 8-K

 

 

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

November 2, 2026

Date of Report (Date of earliest event reported)

 

 

CBIZ, Inc.

(Exact Name of Registrant as specified in its Charter)

 

 

 

Delaware   1-32961   22-2769024

(State or other jurisdiction

of incorporation)

 

(Commission

File Number)

 

(IRS Employer

Identification No.)

5959 Rockside Woods Blvd. N., Suite 600

Independence, Ohio 44131

(Address of principal executive offices, including zip code)

216-447-9000

(Registrant’s telephone number, including area code)

Not Applicable

(Former name or former address, if changed since last report)

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

☐

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

☐

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

☐

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading
Symbol(s)

 

Name of each exchange
on which registered

Common Stock, par value $0.01 per share   CBZ   New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

 
 


Introductory Note

This Current Report on Form 8-K is being filed in connection with the completion on November 2, 2026 of the transactions contemplated by that certain Agreement and Plan of Merger, dated as of July 28, 2026 (the “Merger Agreement”), by and among CBIZ, Inc., a Delaware corporation (the “Company”), Viking ParentCo, Inc., a Delaware corporation (“Parent”), and Viking MergerCo, Inc., a Delaware corporation and a direct wholly owned subsidiary of Parent (“Merger Sub”). Parent and Merger Sub are affiliates of Grant Thornton Advisors LLC (“Grant Thornton”). Pursuant to the terms and subject to the conditions set forth in the Merger Agreement, at the closing, Merger Sub merged with and into the Company, with the Company surviving (the “Surviving Corporation”) and the separate existence of Merger Sub ceased (the “Merger”). As a result of the Merger, the Company became a wholly owned subsidiary of Parent. The description of the Merger Agreement and related transactions (including, without limitation, the Merger) in this Form 8-K does not purport to be complete and is subject to and qualified in its entirety by reference to the full text of the Merger Agreement, a copy of which is filed as Exhibit 2.1 to the Company’s Current Report on Form 8-K filed with the U.S. Securities and Exchange Commission (the “SEC”) on July 29, 2026, and incorporated herein by reference. Capitalized terms used herein but not otherwise defined have the meanings set forth in the Merger Agreement.

 

Item 1.02.

Termination of a Material Definitive Agreement

The information provided in the Introductory Note and Item 2.01 of this Current Report on Form 8-K is incorporated herein by reference into this Item 1.02.

Credit Facility Termination

On November 2, 2026, concurrently with the closing of the Merger, the Company caused the termination and repayment in full of all indebtedness, liabilities and other obligations under the Amended and Restated Credit Agreement, dated as of November 1, 2024, by and among the Company, Bank of America, N.A., as administrative agent, and the other parties thereto (as amended, restated, amended and restated, supplemented, refinanced, replaced or otherwise modified from time to time).

 

Item 2.01.

Completion of Acquisition or Disposition of Assets

The information provided in the Introductory Note and in Items 1.02, 3.03, 5.01, 5.02, 5.03 and 8.01 of this Current Report on Form 8-K is incorporated herein by reference into this Item 2.01.

Pursuant to the terms and conditions of the Merger Agreement, the common stock of the Company and each outstanding equity award was treated as follows:

 

  •  

Company Common Stock: At the effective time of the Merger (the “Effective Time”), each share of common stock, par value $0.01 per share, of the Company (“Company Common Stock”) issued and outstanding immediately prior to the Effective Time ((a) other than Company Common Stock owned by (i) Parent or Merger Sub or any of their respective subsidiaries, (ii) the Company as treasury stock, (iii) the Company’s direct or indirect wholly owned subsidiaries and (iv) stockholders who have perfected and not withdrawn a demand for appraisal rights in accordance with Section 262 of the Delaware General Corporation Law (“DGCL”) and (b) including for the avoidance of doubt, Company Common Stock, other than the Performance Shares (as defined in the Marcum Agreement, the “Marcum Performance Shares”) issued immediately prior to the Effective Time in accordance with the terms of the Marcum Agreement) was cancelled and automatically converted into the right to receive an amount in cash equal to $55.00 per share, without interest thereon (the “Merger Consideration”).

 

  •  

Company Options: Immediately prior to the Effective Time, each option to purchase Company Common Stock (a “Company Option”) granted under the 2019 CBIZ, Inc. Omnibus Incentive Plan (the “Company Stock Plan”) outstanding immediately prior to the Effective Time was cancelled and automatically converted into the right to receive an amount in cash equal to the product of (i) the excess, if any, of the Merger Consideration over the applicable exercise price per share of Company Common Stock underlying such Company Option and (ii) the total number of shares of Company Common Stock subject to such Company Option.

 

  •  

Vested Company Restricted Stock Units and Marcum Performance Shares: Immediately prior to the Effective Time, (i) each restricted stock unit granted under the Company Stock Plan (each, a “Company RSU”) that vested in accordance with the terms set forth therein prior to the Effective Time and (ii) each Marcum Performance Share outstanding immediately prior to the Effective Time was cancelled and automatically converted into the right to receive the Merger Consideration.

 


  •  

Unvested Company Restricted Stock Units: Immediately prior to the Effective Time, each Company RSU that was unvested immediately prior to the Effective Time was cancelled and automatically converted into the right to receive (such right, a “Replacement RSU Award”) an amount in cash equal to the Merger Consideration, which Replacement RSU Award will vest and become payable, subject to compliance with Section 409A of the United States Internal Revenue Code of 1986, as amended (the “Code”) and the holder’s continued employment with Parent or its affiliates, including the Surviving Corporation (subject to certain termination protections set forth below), on the same vesting schedule as the corresponding Company RSU would have vested pursuant to the terms thereof; provided that such Replacement RSU Award will vest in full upon the holder’s (a) termination without Cause, (b) death, (c) termination due to Disability, (d) termination due to Normal Retirement, or (e) resignation for Good Reason.

 

  •  

Company Performance Share Units: Immediately prior to the Effective Time, (i) each performance share unit granted under the Company Stock Plan that was subject to performance-based vesting conditions (each, a “Company PSU”) that vested in accordance with the terms set forth therein prior to the Effective Time was cancelled and automatically converted into the right to receive an amount in cash equal to the product of (A) the Merger Consideration and (B) the number of shares of Company Common Stock issuable in settlement of such vested Company PSU, and (ii) each award of Company PSUs that was unvested immediately prior to the Effective Time was cancelled and converted automatically into the right to receive (such right, a “Replacement PSU Award”) an amount in cash equal to the product of (A) the Merger Consideration and (B) the number of shares of Company Common Stock issuable in settlement of such award of Company PSUs, determined based on achievement of target performance, which Replacement PSU Award will vest and become payable, subject to compliance with Section 409A of the Code and the holder’s continued employment with Parent or its affiliates, including the Surviving Corporation (subject to certain termination protections set forth below), on the last day of the performance period applicable to such corresponding Company PSU; provided that such Replacement PSU Award will vest in full upon the holder’s (a) termination without Cause, (b) death, (c) termination due to Disability, (d) termination due to Normal Retirement, or (e) resignation for Good Reason.

 

  •  

Company Units: Immediately prior to the Effective Time, (i) each outstanding unit (each, a “Company Unit”) granted under the CBIZ Equity Aligned Cash Bonus Plan (as may be amended and restated from time to time, the “EACB”) that was vested as of immediately prior to the Effective Time was cancelled and converted automatically into the right to receive the Merger Consideration, and (ii) each Company Unit that was unvested immediately prior to the Effective Time was assumed by Parent (the “Assumed Units”) and will continue to vest and become payable, subject to the holder’s continued employment with Parent or its affiliates, including the Surviving Corporation (subject to certain termination protections set forth below), in accordance with the terms of the EACB and the applicable award agreement governing such Company Unit, in an amount equal to the Merger Consideration in respect of each Assumed Unit that becomes vested; provided that such Assumed Unit will vest in full upon the holder’s (a) termination without Cause, (b) death, (c) termination due to Disability, (d) termination due to Normal Retirement, or (e) resignation for Good Reason.

 

  •  

Company Restricted Stock: Immediately prior to the Effective Time, each share of restricted Company Common Stock granted under the Company Stock Plan outstanding immediately prior to the Effective Time, all of which was held by non-employee directors of the Company, was cancelled and automatically converted into the right to receive the Merger Consideration.

 

  •  

Company Employee Stock Purchase Plan: Effective as of the day immediately prior to the Effective Time, the CBIZ, Inc. 2007 Employee Stock Purchase Plan, as amended and restated as of May 12, 2011 (the “Company ESPP”) was terminated, and any accumulated contributions under the Company ESPP will be returned to participants as promptly as practicable, without interest.

The foregoing description of the Merger and the Merger Agreement contained in this Item 2.01 does not purport to be complete and is subject to and qualified in its entirety by reference to the Merger Agreement, which was filed as Exhibit 2.1 to the Company’s Current Report on Form 8-K filed on July 29, 2026, and is incorporated herein by reference.

 

Item 3.01.

Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing

The information provided in the Introductory Note and Item 2.01 of this Current Report on Form 8-K is incorporated herein by reference into this Item 3.01.

On November 2, 2026, in connection with the completion of the Merger, the Company notified the New York Stock Exchange (the “NYSE”) of the consummation of the Merger and requested that the NYSE suspend trading of the shares of Company Common Stock prior to the opening of trading on November 2, 2026. The Company also requested that the NYSE file with the SEC a notification of removal from listing and registration on Form 25 to effect the delisting of shares of the Company Common Stock from the NYSE and the deregistration of such shares under Section 12(b) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”).

 


Following the effectiveness of the Form 25, the Surviving Corporation intends to file with the SEC a certification on Form 15 requesting the termination of the registration of Company Common Stock under Section 12(g) of the Exchange Act and the suspension of the Company’s reporting obligations under Sections 13(a) and 15(d) of the Exchange Act.

 

Item 3.03.

Material Modification to Rights of Security Holders

The information provided in the Introductory Note and Items 2.01, 3.01, 5.01 and 5.03 of this Current Report on Form 8-K is incorporated by reference into this Item 3.03.

At the Effective Time, each holder of shares of Company Common Stock issued and outstanding immediately prior to the Effective Time ceased to have any rights as a stockholder of the Company (other than the right to receive Merger Consideration or, in the case of Company Common Stock held by stockholders who have properly demanded and not withdrawn appraisal rights, the rights provided under Section 262 of the DGCL).

 

Item 5.01.

Changes in Control of Registrant

The information provided in the Introductory Note and Items 2.01, 3.03 and 5.02 of this Current Report on Form 8-K is incorporated herein by reference into this Item 5.01.

As a result of the completion of the Merger, a change in control of the Company occurred, and the Company, as the surviving entity of the Merger, became a wholly owned subsidiary of Parent, which is an affiliate of Grant Thornton. The total amount of funds used to consummate the Merger and the related transactions was approximately $5,235,000,000, which was funded through a combination of equity financing and debt financing.

 

Item 5.02.

Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

The information provided in the Introductory Note and Item 2.01 of this Current Report on Form 8-K is incorporated herein by reference into this Item 5.02.

Directors

On November 2, 2026, effective as of the Effective Time, each member of the Company’s Board of Directors resigned as a director of the Company and as a member of any committee or subcommittee thereof. These departures were not a result of any disagreements with the Company on any matter relating to its operations, policies or practices.

Officers

In addition, effective as of the Effective Time, as a result of the Merger, each officer of the Company ceased to be an officer of the Company, and Jim Peko was appointed as Chief Executive Officer of the Surviving Corporation.

Other

In connection with the Merger, the Company entered into a letter agreement with Brad Lakhia (the Company’s Chief Financial Officer) (the “Letter Agreement”) to provide Mr. Lakhia with reimbursement, if required, for excise taxes that may be incurred by Mr. Lakhia under Section 4999 of the Code, as amended, on certain payments received in connection with the Merger, so that on a net after-tax basis Mr. Lakhia would be in the same position as if no such excise tax had applied to Mr. Lakhia. The maximum value of all payments under the Letter Agreement is $2,368,946.

 

Item 5.03.

Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year

The information provided in the Introductory Note and Items 2.01 and 3.03 of this Current Report on Form 8-K is incorporated herein by reference into this Item 5.03.

On November 2, 2026, effective as of the Effective Time and pursuant to the Merger Agreement, the certificate of incorporation and bylaws of the Company were amended and restated in their entirety. Copies of the Amended and Restated Certificate of Incorporation and the Amended and Restated Bylaws are filed as Exhibits 3.1 and 3.2 hereto, respectively, and are incorporated herein by reference.

 


Item 8.01.

Other Events

On November 2, 2026, the Company issued a press release announcing the completion of the Merger. The full text of the press release is attached as Exhibit 99.1 and is incorporated herein by reference.

 

Item 9.01.

Financial Statements and Exhibits

(d) Exhibits

 

Exhibit

Number

  

Exhibit Description

2.1*    Agreement and Plan of Merger, dated as of July 28, 2026, by and among CBIZ, Inc., Viking ParentCo, Inc. and Viking MergerCo, Inc. (incorporated by reference to Exhibit 2.1 to the Company’s Current Report on Form 8-K filed on July 29, 2026).
3.1    Amended and Restated Certificate of Incorporation of CBIZ, Inc., dated as of November 2, 2026.
3.2    Amended and Restated Bylaws of CBIZ, Inc., dated as of November 2, 2026.
99.1    Press Release, dated November 2, 2026.
104    Cover Page Interactive Data File (embedded within the Inline XBRL document).

 

*

Pursuant to Item 601(a)(5) of Regulation S-K, certain schedules and exhibits have been omitted. The registrant hereby agrees to furnish a copy of any omitted schedule or exhibit to the SEC upon request by the SEC.

 


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

CBIZ, INC.
By:  

/s/ Jim Peko

  Name: Jim Peko
  Title:  Chief Executive Officer

Date: November 2, 2026

Exhibit 99.1

 

LOGO

 

 

Grant Thornton Advisors LLC

Media Contact

Jon Rucket

Senior Director, External Communications

M: +1 404 984 6249

E: jon.rucket@us.gt.com

CBIZ, Inc.

Media Contact

Amy McGahan

Director of Corporate & Strategic Communications

M: +1 216 346 7716

E: Amy.McGahan@CBIZ.com

Investor Relations Contact

Chris Sikora

Vice President, Investor Relations & Corporate Finance

O: +1 216 447 9000

E: chris.sikora@CBIZ.com

 

For immediate release

Grant Thornton Advisors completes acquisition of CBIZ

Combination creates the fifth-largest U.S. provider of professional services, tax and advisory offerings

All-cash transaction with enterprise value of $5 billion bolsters Grant Thornton Advisors’ cross-border, technology and industry capabilities

Multinational platform grows to more than 34,500 professionals spanning over two dozen countries and territories

New Mountain Capital backs the largest transaction of its kind in more than 25 years

CHICAGO, CLEVELAND & NEW YORK, Nov. 2, 2026 – Grant Thornton Advisors LLC (together with its affiliates, “Grant Thornton Advisors”), New Mountain Capital and CBIZ, Inc. (“CBIZ”) today announced that Grant Thornton Advisors completed its acquisition of CBIZ with an enterprise value of $5 billion.

The combination creates the fifth-largest U.S. provider of professional services, tax and advisory offerings, with more than $5 billion in annual domestic revenue. It also marks the completion of the largest transaction of its kind in more than 25 years.

The acquisition strengthens the Grant Thornton Advisors 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 combined CBIZ and Grant Thornton Advisors organization will ultimately go to market under the Grant Thornton brand and operate through an integrated business model. Jim Peko will continue in his role as chief executive officer of Grant Thornton Advisors and leader of its multinational platform.

With the closing of the transaction, CBIZ is now wholly owned by Grant Thornton Advisors, and its common stock (NYSE: CBZ) has ceased trading on the New York Stock Exchange.

 

 

 

GT.COM

  
 

U.S. member firm of Grant Thornton International Ltd


LOGO

 

A separate attest transaction involving Grant Thornton LLP and CBIZ CPAs is expected to close later this year. 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. 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.

Complementary capabilities and shared commitments

With the addition of CBIZ, Grant Thornton Advisors can provide enhanced services to clients at every stage of growth — from early development to global scale — bringing together greater industry knowledge, multinational reach and technology capabilities.

The combination strengthens Grant Thornton Advisors’ ability to deliver tailored insights and solutions through expanded industry knowledge and expertise. It also provides greater scale to accelerate the firm’s previously announced $1 billion investment in AI and advanced technologies. This is especially important as organizations increasingly seek support to adopt AI, unlock its value and manage the associated risks.

The combination also creates new opportunities for Grant Thornton Advisors’ approximately 20,000 U.S.-based professionals to grow, build rewarding careers and do their best work. These opportunities will be supported by a strong organizational culture and new models that enable professionals to participate in equity structures and pursue partnership-track careers.

“Today, we bring together two firms with complementary capabilities and a shared commitment to incredible client service,” said Grant Thornton Advisors’ Peko. “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.”

Peko added that Grant Thornton Advisors will maintain its strong focus on quality, independence and trust, reflecting the firm’s ongoing commitment to its stakeholders and belief in its purpose-built operating model.

New Mountain Capital continues to support growth

New Mountain Capital, which led an investment in Grant Thornton Advisors in May 2024, provided additional equity to support the acquisition. The investment firm has backed Grant Thornton Advisors’ strategy of expanding its capabilities, multinational reach and investments in technology, quality and talent.

 


LOGO

 

“This transaction significantly expands a platform that already had strong momentum, fueled by exceptional talent, leading AI resources and deep access to capital,” said Andre Moura, managing director at New Mountain 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.”

“Grant Thornton Advisors and CBIZ together have broad reach and impressive capabilities that are singular in the accounting and consulting space,” said Nikhil Devulapalli, managing director at New Mountain Capital. “Today, Grant Thornton Advisors is in a stronger position than ever to serve its clients and create meaningful opportunities for its partners and professionals.”

CBIZ’s Benefits & Insurance Services segment now backed by New Mountain Capital

In connection with the closing, CBIZ’s Benefits & Insurance Services segment has been established as an independent company backed by New Mountain Capital.

Advisors for the transaction

Goldman Sachs & Co. LLC served as financial advisor to CBIZ. Weil, Gotshal & Manges LLP served as legal advisor to CBIZ, and Teneo served as strategic communications advisor to CBIZ.

Deutsche Bank acted as lead financial advisor for Grant Thornton Advisors and New Mountain Capital. Other financial advisors included J.P. Morgan, BMO Capital Markets, BofA Securities, RBC Capital Markets, UBS Investment Bank, and Jefferies. Evercore acted as financial advisor on the CBIZ Benefits & Insurance Services segment. Simpson Thacher & Bartlett LLP, Mayer Brown LLP and Hunton Andrews Kurth LLP served as legal advisors. Goldin Solutions served as strategic communications advisor.

About Grant Thornton in the U.S.

Grant Thornton delivers professional services in the U.S. through two specialized entities and their affiliates: Grant Thornton LLP, a licensed, certified public accounting (CPA) firm that provides audit and assurance services — and Grant Thornton Advisors LLC (not a licensed CPA firm), which exclusively provides non-attest offerings, including tax and advisory services.

Grant Thornton LLP, Grant Thornton Advisors LLC and their respective subsidiaries operate as an alternative practice structure (APS). The APS conforms with applicable laws, regulations and professional standards, including those from the American Institute of Certified Public Accountants.

“Grant Thornton” refers to the brand under which the member firms in the Grant Thornton International Limited (GTIL) network provide services to their clients and/or refers to one or more member firms. Grant Thornton LLP and Grant Thornton Advisors LLC serve as the U.S. member firms of the GTIL network. GTIL and its member firms are not a worldwide partnership and all member firms are separate legal entities. Member firms deliver all services; GTIL does not provide services to clients.

 


LOGO

 

About the Grant Thornton Advisors multinational platform

The Grant Thornton Advisors multinational platform is a group of firms within the Grant Thornton International Limited network* that connects priority markets and operates with aligned standards, technology and delivery expectations.

The platform is currently home to 20 aligned firms stretching from the Americas across Europe and the Middle East to the Asia-Pacific region. These firms bring together more than 34,500 professionals (including CBIZ team members) to deliver cross-border solutions powered by advanced technologies, a shared commitment to quality and a growing reputation as an employer of choice in the industry. The platform firms operate as separate legal entities.

*The Grant Thornton International Limited network provides access to its member firms in more than 150 global markets.

About New Mountain Capital

New Mountain Capital is a New York-based investment firm that emphasizes business building and growth, rather than debt, as it pursues long-term capital appreciation. The firm currently manages private equity, credit and net lease investment strategies with approximately $60 billion in assets under management. New Mountain Capital seeks out what it believes to be the highest quality growth leaders in carefully selected industry sectors and then works intensively with management to build the value of these companies. For more information on New Mountain Capital, please visit www.newmountaincapital.com.

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