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Grant Thornton Completes $5 Billion CBIZ Acquisition, Expanding U.S. Reach
The deal creates a firm expected to rank fifth in U.S. accounting revenue, with more than $7 billion in annual revenue across its multinational platform.
Grant Thornton Advisors has completed its $5 billion acquisition of CBIZ, a combination expected to make the Chicago-based firm the fifth-largest accounting firm in the U.S. by revenue, behind the Big Four. The transaction also ends CBIZ’s public market status: the company is now wholly owned by Grant Thornton Advisors, and its common stock, traded as NYSE: CBZ, has ceased trading on the New York Stock Exchange.
Announced in late July, the deal is the largest combination in U.S. public accounting in more than two decades. The last major combination cited in the sector’s history was Coopers & Lybrand’s 1998 merger with Price Waterhouse, which created PricewaterhouseCoopers. Earlier combinations among the Big Eight accounting firms in the late 1980s and 1990s helped form today’s four largest U.S. firms: Deloitte, PwC, Ernst & Young, and KPMG.
A larger cross-border platform
Grant Thornton says the acquisition adds scale to a multinational platform that includes member firms in the Grant Thornton International network across more than 25 countries and territories. The combined platform generates more than $7 billion in annual revenue and includes more than 34,500 professionals across the Americas, Europe, the Middle East, and Asia-Pacific.
The businesses will operate under the Grant Thornton brand through an integrated model. Jim Peko will remain CEO of Grant Thornton Advisors and continue to lead the multinational platform. The stated strategic rationale centers on combining CBIZ’s U.S. client relationships and industry knowledge with Grant Thornton’s international reach, advisory capabilities, and technology investment.
“Today, we bring together two firms with complementary capabilities and a shared commitment to incredible client service,” Peko said. He said the combined organization would focus on bringing together the strengths of both firms and creating further opportunities for employees as it serves clients with complex needs.
The deal changes the ownership structure of CBIZ, which had been the only publicly traded accounting services provider in the U.S. Its shares no longer trade following the transaction’s completion. For clients and employees, the immediate operating signal is the move to one Grant Thornton brand, while the longer-term effects will depend on how the firms integrate their services, teams, and technology.
Ownership and audit services remain distinct
Grant Thornton sold a majority stake to New Mountain Capital in June 2024 and has since operated through an alternative practice structure. Grant Thornton LLP, a licensed CPA firm, provides attest services; Grant Thornton Advisors provides business advisory and other non-attest services. New Mountain Capital is investing additional equity to support the CBIZ transaction, according to the July announcement of the deal.
The acquisition does not complete the separate transaction involving Grant Thornton LLP and CBIZ CPAs, CBIZ’s audit and attest affiliate. That transaction is expected to close later this year. Afterward, CBIZ CPAs is expected to remain a separate licensed public accounting firm during a transition period before being integrated with Grant Thornton LLP. The timing and process for that integration remain distinct from the completed acquisition of CBIZ by Grant Thornton Advisors.
New Mountain Capital managing directors Andre Moura and Nikhil Devulapalli described the deal as an expansion of the platform’s resources and capabilities. Moura cited access to capital, talent, and AI resources as contributors to the firm’s momentum. Devulapalli said the combined businesses have broad reach and capabilities across accounting and consulting. Those statements outline the owner’s rationale; execution will determine how effectively the expanded organization turns its scale into services for clients and opportunities for professionals.
Benefits and insurance business launches separately
Alongside the acquisition, CBIZ Benefits & Insurance Services launched Monday as a standalone company backed by New Mountain Capital. It employs more than 1,600 professionals, and its annual revenue has grown nearly 40% since 2020 to more than $400 million. The business is expected to rank among the top 30 insurance brokers in the U.S.
The company provides employee benefits consulting, human capital advisory, property and casualty insurance, retirement and investment solutions, and individual insurance. CEO Michael Kouzelos said the independent company would build on its existing client relationships and expand its capabilities. Chief Operating Officer Polly Thomas said the firm would continue advising employers on benefits, payroll, retirement, and risk.
The CBIZ insurance and benefits business therefore enters a separate ownership and operating path from the accounting combination, even as both sit within New Mountain Capital’s broader portfolio. The key measures to watch are whether Grant Thornton can integrate the accounting practices while maintaining client service, and whether the standalone benefits business sustains growth after its separation.
CBIZ’s financial advisor was Goldman Sachs & Co. LLC. Weil, Gotshal & Manges LLP and Teneo advised CBIZ on legal matters and strategic communications. Deutsche Bank was lead financial advisor to Grant Thornton Advisors and New Mountain Capital; J.P. Morgan, BMO Capital Markets, BofA Securities, RBC Capital Markets, UBS Investment Bank, and Jefferies also advised them. Evercore advised on the CBIZ Benefits & Insurance Services segment. Simpson Thacher & Bartlett LLP, Mayer Brown LLP, and Hunton Andrews Kurth LLP served as legal advisors, while Goldin Solutions advised on strategic communications.
