CBIZ to Be Acquired by Grant Thornton Advisors, Benefits Services

Grant Thornton Advisors LLC announced Wednesday it will acquire CBIZ Inc. in a $5 billion all-cash transaction, creating the fifth-largest professional services, tax and advisory provider in the U.S.

Grant Thornton Advisors, which is separate from the accounting firm Grant Thornton LLP, will spin off CBIZ’s benefits and insurance services business as an independent benefits company backed by private equity firm New Mountain Capital LLC. The new firm will be “dedicated to insurance, retirement and payroll services,” according to the announcement.

The combined company will have offices in 20 countries and territories, generate nearly $7.5 billion in revenue and employ more than 34,500 employees, more than 9,500 of whom worked for CBIZ.

Under the terms of the agreement, CBIZ will be wholly owned by Grant Thornton Advisors and no longer listed on the New York Stock Exchange. CBIZ’s shareholders will receive $55 in cash per share, representing a premium of approximately 54% to CBIZ’s 30-day volume-weighted average share price.

CBIZ’s board of directors unanimously approved the transaction and recommended that its shareholders vote in favor of it. The transaction is expected to close in the fourth quarter of 2026, subject to approval by CBIZ shareholders and regulators.

“This is a historic combination with a complementary cultural and strategic fit,” said Jerry Grisko, CBIZ’s president and CEO, in a statement. “CBIZ has grown rapidly over many years to become a leading professional services provider. Joining Grant Thornton Advisors accelerates the realization of that vision.”

Last year, CBIZ appointed Seth Goldblum to lead its advisory services. The company announced last week the launch of its pooled employer plan for middle-market businesses and confirmed it was “actively considering” a 403(b) PEP.

New Mountain Capital, which has approximately $60 billion in assets under management, led a 2024 investment in Grant Thornton Advisors that funded the firm’s growth strategy. It also launched a private wealth firm, New Mountain Wealth Solutions, in 2025.