The transaction will create the fifth-largest professional services firm in the United States
Grant Thornton Advisors LLC, New Mountain Capital and CBIZ, Inc. (NYSE: CBZ) have announced that they have entered into a definitive agreement under which Grant Thornton Advisors will acquire CBIZ at an enterprise value of $5 billion in an all-cash transaction. The deal is the largest transaction in the professional services market in more than 25 years and will position Grant Thornton immediately behind the Big Four in the US market. The organisation created by the acquisition could become one of the world’s most innovative professional services firms in terms of both scale and technological capabilities. The Hungarian subsidiary, Grant Thornton Hungary, has been present in Hungary since 1991 and ranks among the country’s eight largest advisory and audit firms.
Under the agreement, CBIZ shareholders will receive $55 in cash for each share, representing a premium of approximately 54 percent over the 30-day volume-weighted average price of the company’s shares. The transaction will be financed through an additional equity investment by New Mountain Capital, Grant Thornton Advisors’ strategic investor.
Following the closing of the transaction, Grant Thornton will become the fifth-largest professional services, tax and advisory firm in the United States, with annual revenue of more than $5 billion in the US market. The international group created by the transaction will generate annual revenue of nearly $7.5 billion, operate in more than 20 countries and territories, and employ approximately 34,500 professionals across North and South America, Europe, the Middle East and the Asia-Pacific region.
The combination brings together the cross-border service capabilities of Grant Thornton’s international platform and CBIZ’s strong presence in the US market, giving clients access to a broader range of expertise, international coverage and artificial intelligence-based technology solutions. The transaction builds on Grant Thornton Advisors’ recently announced $1 billion investment in artificial intelligence and technology, further strengthening the company’s AI-based services and innovation capabilities.
“By combining our international platform with CBIZ’s strong market position, we will further expand our ability to support our clients at every stage of business development, from the early growth phase through to global expansion. Together, we will offer the professional expertise, service portfolio and international presence our clients need in an increasingly complex business environment,” said Jim Peko, CEO of Grant Thornton Advisors.
Jerry Grisko, President and CEO of CBIZ, described the combination as a historic step: “The cultures and strategic objectives of the two companies are highly complementary. The transaction will accelerate our growth strategy, create new opportunities for our people and clients, and deliver significant value to our shareholders.”
Following the closing of the transaction, Grant Thornton Advisors will separate the CBIZ Benefits and Insurance Services business, which will continue to operate as an independent company, also with the support of New Mountain Capital.
The transaction is expected to close in the fourth quarter of 2026, subject to approval by CBIZ shareholders, the receipt of the necessary regulatory approvals and the satisfaction of customary closing conditions. Following the closing of the transaction, CBIZ will be delisted from the New York Stock Exchange and will continue to operate as a wholly owned subsidiary of Grant Thornton Advisors.
About Grant Thornton Advisors
Grant Thornton Advisors’ multinational platform is a group of firms operating within the Grant Thornton International Limited network*, connecting key markets through consistent standards, technology and service quality. The platform currently comprises nearly 20 member firms spanning the Americas, Europe, the Middle East and the Asia-Pacific region, and brings together nearly 25,000 professionals who provide cross-border solutions powered by advanced technologies. The platform’s member firms operate as separate legal entities.
*The Grant Thornton International Limited network provides access to its member firms in more than 150 markets.
About CBIZ
CBIZ, Inc. (NYSE: CBZ) is one of the leading professional services advisers in the United States. Its accounting, tax, advisory, benefits, insurance and technology expertise helps its clients grow. CBIZ employs more than 9,500 people across 23 major US markets. Further information: www.cbiz.com
About New Mountain Capital
New Mountain Capital is a New York-based investment firm that pursues long-term capital appreciation through business building and growth rather than leverage. The firm currently manages approximately $60 billion in assets across private equity, credit and real estate investment strategies. Further information: www.newmountaincapital.com
