CBIZ COMPLETES ACQUISITION OF MARCUM
CBIZ has completed the acquisition of Marcum LLP's non-attest business in a cash-and-stock transaction valued at approximately $2.3 billion. The combined entity will have expected annualized revenue of $2.8 billion, making CBIZ the largest full-service professional services advisor in the U.S. serving middle-market businesses. The company will now have over 10,000 team members offering accounting, tax, advisory, benefits, insurance, and technology services. Concurrent with this transaction, CBIZ CPAs acquired Marcum's attest business. The acquisition is expected to be accretive in 2025, with an estimated 10% contribution to Adjusted earnings per share.
CBIZ ha completato l'acquisizione del business non attestante di Marcum LLP con una transazione in contante e azioni del valore di circa $2,3 miliardi. L'entità combinata avrà ricavi annualizzati previsti di $2,8 miliardi, rendendo CBIZ il più grande consulente di servizi professionali a servizio completo negli Stati Uniti che serve le aziende di medie dimensioni. L'azienda avrà ora oltre 10.000 membri del team che offrono servizi di contabilità, tassazione, consulenza, benefici, assicurazioni e tecnologia. In concomitanza con questa transazione, CBIZ CPAs ha acquisito il business attestante di Marcum. Si prevede che l'acquisizione sia accretiva nel 2025, con un contributo stimato del 10% agli utili per azione rettificati.
CBIZ ha completado la adquisición del negocio no attestante de Marcum LLP en una transacción de efectivo y acciones valorada en aproximadamente $2.3 mil millones. La entidad combinada tendrá unos ingresos anuales esperados de $2.8 mil millones, convirtiendo a CBIZ en el mayor asesor de servicios profesionales de servicio completo en EE.UU. que atiende a empresas de mercado medio. La compañía tendrá ahora más de 10,000 miembros del equipo ofreciendo servicios de contabilidad, impuestos, asesoría, beneficios, seguros y tecnología. Concurrentemente con esta transacción, CBIZ CPAs adquirió el negocio de atestación de Marcum. Se espera que la adquisición sea accretiva en 2025, con una contribución estimada del 10% a las ganancias por acción ajustadas.
CBIZ는 마컴 LLP의 비-증명 사업을 현금 및 주식 거래로 약 $23억에 인수 완료했습니다. 통합된 기업은 연간 예상 수익이 $28억에 이를 것으로 보이며, CBIZ는 중견 시장 비즈니스를 대상으로 하는 미국 최대의 종합 서비스 전문 자문 회사가 됩니다. 이 회사는 이제 10,000명의 팀원을 두고 회계, 세금, 자문, 복리후생, 보험 및 기술 서비스를 제공합니다. 이 거래와 동시에 CBIZ CPAs는 마컴의 증명 사업을 인수했습니다. 인수는 2025년에 기여할 것으로 예상되며, 추정되는 조정 주당 순이익에 대한 10% 기여가 있을 것입니다.
CBIZ a finalisé l'acquisition de l'activité non attestante de Marcum LLP dans une transaction en espèces et en actions d'une valeur d'environ $2,3 milliards. L'entité combinée devrait avoir un chiffre d'affaires annualisé prévu de $2,8 milliards, faisant de CBIZ le plus grand conseiller en services professionnels à service complet aux États-Unis pour les entreprises de taille intermédiaire. L'entreprise comptera désormais plus de 10 000 membres d'équipe offrant des services de comptabilité, de fiscalité, de conseil, de prestations, d'assurance et de technologie. Parallèlement à cette transaction, CBIZ CPAs a acquis l'activité d'attestation de Marcum. L'acquisition devrait être accretive en 2025, avec une contribution estimée de 10 % aux bénéfices par action ajustés.
CBIZ hat die Übernahme des Nicht-Testgeschäfts von Marcum LLP in einer Bargeld- und Aktien-Transaktion im Wert von etwa $2,3 Milliarden abgeschlossen. Das kombinierte Unternehmen wird voraussichtlich einen jährlichen Umsatz von $2,8 Milliarden erzielen, wodurch CBIZ der größte Full-Service-Berater für professionelle Dienstleistungen in den USA wird, der sich an mittelständische Unternehmen richtet. Das Unternehmen wird nun über 10.000 Teammitglieder verfügen, die Buchhaltungs-, Steuer-, Beratungs-, Leistungs-, Versicherungs- und Technologiedienstleistungen anbieten. Zeitgleich mit dieser Transaktion erwarb CBIZ CPAs auch das Testgeschäft von Marcum. Es wird erwartet, dass die Akquisition im Jahr 2025 zu einem Anstieg des Gewinns je Aktie beiträgt, mit einer geschätzten 10%-igen Beteiligung an den bereinigten Erträgen je Aktie.
- Transaction valued at $2.3 billion creates largest full-service professional services advisor in the U.S.
- Combined annualized revenue of approximately $2.8 billion
- Expected 10% accretion to Adjusted earnings per share in 2025
- Expansion of service offerings and industry expertise
- Enhanced technological capabilities and data-driven solutions
- Significant cash-and-stock transaction may impact short-term financial flexibility
- Integration risks associated with large-scale merger
- Potential dilution from stock component of transaction
Insights
This transformative acquisition positions CBIZ as a dominant force in professional services. The
Key financial highlights include projected
The deal's strategic rationale focuses on technology investment and innovation capabilities, which should drive margin expansion through operational efficiencies. Market positioning as the largest full-service professional services advisor opens new revenue streams and strengthens pricing power.
This acquisition reshapes the professional services landscape for middle-market businesses. The combined entity fills a important market gap between Big Four firms and smaller regional players, creating a unique competitive advantage. The expanded service portfolio and deeper industry expertise position CBIZ to capture larger market share in high-growth sectors.
The timing aligns with increasing demand for comprehensive professional services among middle-market companies dealing with complex regulatory requirements and digital transformation needs. The enhanced technology capabilities and data-driven solutions address evolving client needs, particularly in areas requiring sophisticated advisory services.
EXPECTED COMBINED ANNUALIZED REVENUE OF
Concurrent with the closing of this transaction, the attest business of Marcum was acquired by CBIZ CPAs, a national independent CPA firm with which CBIZ has had an Administrative Service Agreement for over 25 years.
"We are pleased to have successfully closed the acquisition of Marcum, which represents a major milestone and new chapter for CBIZ, our people and our shareholders," said Jerry Grisko, President and Chief Executive Officer of CBIZ. "Now, with over 10,000 team members, we will offer our clients an enhanced breadth of services and depth of expertise unmatched in our industries all aimed at helping them grow their business. With even deeper subject matter expertise, industry resources, service lines and insights, we can provide actionable advice and new and innovative data-driven products and solutions. We are excited to welcome the Marcum team to CBIZ and look forward to a bright future together."
The cash-and-stock transaction is valued at approximately
Transaction Benefits:
- Market Position: Solidifies position as unmatched full-service professional services advisor to the growing middle market
- Growth Strategy: Scale accelerates growth and further positions CBIZ as an acquirer of choice
- Our People: Attract and retain the best and brightest in our industries, enhance learning and development aligned to meaningful career paths and expanded growth opportunities
- Client Experience: Offer an unmatched breadth of services and depth of expertise including the development of innovative and actionable solutions
- Industry Expertise: Combined industry knowledge enables access to new sectors and expands presence in target industries
- Innovation and Technology: Enable greater investment in technology to support data-driven insights and solutions while driving innovation, increasing efficiency and enhancing performance
- Shareholder Value: Expect to be accretive in 2025, with an estimated contribution to Adjusted earnings per share of approximately
10%
About CBIZ
CBIZ, Inc. (NYSE: CBZ) is a leading professional services advisor to middle market businesses and organizations nationwide. With unmatched industry knowledge and expertise in accounting, tax, advisory, benefits, insurance, and technology, CBIZ delivers forward-thinking insights and actionable solutions to help clients anticipate what's next and discover new ways to accelerate growth. CBIZ has more than 10,000 team members across more than 160 locations in 21 major markets coast to coast. For more information, visit www.cbiz.com.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
This communication includes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, included herein that address business performance, financial condition, activities, events or developments that the Company expects, believes or anticipates will or may occur in the future are forward-looking statements. Investors are cautioned that any such statements are not guarantees of future performance and that actual results or developments may differ materially from those projected in the forward-looking statements. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company, including but not limited to: the possibility that anticipated benefits and/or synergies of the transaction will not be achieved in a timely manner or at all; the possibility that the costs of the transaction and/or liabilities assumed will be more significant than anticipated; the possibility that integration will prove more costly and/or time consuming than anticipated; the possibility that the transaction could disrupt ongoing plans and operations of the parties or their respective relationships with clients, other business partners and employees; the effects of the increased leverage of the Company following the transaction; and other risks described in the Company's SEC filings. All forward-looking statements are based on management's estimates, projections and assumptions as of the date hereof. Except as required by law, the Company does not undertake any obligation to update any forward-looking statements to reflect events or circumstances that subsequently occur or of which it subsequently becomes aware.
NON-GAAP FINANCIAL INFORMATION
This communication contains references to certain non-GAAP financial measures. This includes our estimate of accretion to 2025 Adjusted earnings per share as a result of the transaction. We have not included any reconciliation of this estimate in reliance on the 'unreasonable efforts' exception with respect to forward-looking information under SEC Regulation G. Non-GAAP financial measures may not provide information that is comparable to similarly titled measures provided by other companies. These non-GAAP financial measures are not measurements of financial performance of the Company or Marcum under GAAP and should not be considered as alternatives to amounts presented in accordance with GAAP. The Company views these non-GAAP financial measures as supplemental to, but not as substitutes for, comparable GAAP measures.
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SOURCE CBIZ, Inc.
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