EXPECTED COMBINED ANNUALIZED REVENUE OF
~$2.8B
CLEVELAND, Nov. 1, 2024
/PRNewswire/ -- CBIZ, Inc. (NYSE: CBZ) (the "Company"), a leading
national professional services advisor, today announced it has
completed the acquisition of the non-attest business of Marcum
LLP ("Marcum"), with expected combined annualized revenue of
approximately $2.8 billion. The
transaction makes CBIZ the largest full-service professional
services advisor of its kind in the U.S. providing accounting, tax,
advisory, benefits, insurance, and technology services, primarily
to middle-market businesses.
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
$2.3 billion. More information about
this transaction can be found at cbiz.com/stronger-together.
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.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/cbiz-completes-acquisition-of-marcum-302294106.html
SOURCE CBIZ, Inc.