CBIZ, Marcum Announce $2.3B Acquisition Deal
Cleveland-based CBIZ, Inc. has announced a deal to acquire New York-based Marcum LLP, creating the nation’s seventh-largest accounting firm.
The two companies announced the deal, valued at approximately $2.3 billion, on July 31.
CBIZ is a financial, insurance, and advisory services firm with more than 120 offices nationwide.
Marcum, which offers tax, accounting, and other financial services, has 43 offices nationwide, including Connecticut locations in Hartford, West Hartford, New Haven, Farmington, and Greenwich.
Their Hartford office is led by CBIA board member Michael Brooder.
Growth Plans
In a statement, Marcum officials called the transaction a “significant step forward in both companies’ growth plans.”
In its statement, CBIZ said the deal will solidify its position as a leading provider of professional services to the middle market.
“CBIZ and Marcum share a dedication to high quality, innovative professional services, and to personalize local client relationships bolstered by national resources,” said CBIZ president and CEO Jerry Grisko.
When the deal is completed, the combined company will have:
- Approximately $2.8 billion in revenue
- 10,000 team members
- 135,000 clients nationwide.
Expand Expertise
Officials from both companies said the deal will help them accelerate growth, serve clients better, and attract and retain top talent.
“When CBIZ and Marcum come together, we will be unmatched in the breadth of services, depth of expertise and actionable solutions we will bring to our clients, and in our ability to win the war on talent by creating new growth opportunities for our team members,” Grisko said.
The companies also said the deal will allow them to expand their expertise in technology, AI, and data-driven insights.
“We’ll better serve our existing clients and attract new businesses through expanded services, innovative solutions, and broader industry knowledge,” said Grisko.
The companies expect the deal to close in the fourth quarter of 2024, pending approval.
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