Grant Thornton completes mammoth CBIZ acquisition for $5B

• Key Insight: Uncover how Grant Thornton Advisors funded its landmark $5 billion acquisition of CBIZ.
• What’s at Stake: The financial stability of Grant Thornton after floating billions in debt for the acquisition.

Grant Thornton Advisors has completed its landmark acquisition of CBIZ for $5 billion, creating the fifth largest accounting firm in the world.

Processing Content

The deal, which was announced in July, will go beyond the U.S., creating a multinational group of over 34,500 professionals in more than two dozen countries and territories, offering accounting, tax and advisory offerings.

Grant Thornton has been growing steadily since it received a private equity investment from New Mountain Capital in 2024, consolidating GT firms in Australia, New Zealand, Ireland, France, the Netherlands, Spain, Switzerland, Belgium, Brazil and other countries. However, the addition of publicly traded CBIZ for $5 billion in an all-cash transaction is the largest accounting M&A deal in about 25 years.

With the addition of CBIZ, the combined firm will generate over $7 billion in annual revenue and includes more than 34,500 professionals across the Americas, Europe, the Middle East and the Asia-Pacific region. With the closing of the deal, CBIZ will now be wholly owned by Grant Thornton Advisors, and its common stock has stopped trading on the New York Stock Exchange.

“Today, we bring together two firms with complementary capabilities and a shared commitment to incredible client service,” said Grant Thornton Advisors CEO Jim Peko in a statement. “CBIZ’s strong U.S. relationships and industry knowledge, combined with our expertise, multinational reach and investment in technology, give us a powerful formula for serving clients no matter how complex their needs. Our focus now is on bringing together the best of both organizations to help our clients achieve even greater success, while opening new paths for our people to grow and thrive.”

To fund the expansion, Grant Thornton reportedly needed to float $2 billion in junk bonds for the acquisition of CBIZ, according to CPA Trendlines, and provide $43 million in “golden parachutes” to top CBIZ executives.

A separate attest transaction involving Grant Thornton LLP and CBIZ CPAs is expected to close later this year. Grant Thornton LLP is a licensed CPA firm and one of two entities operating as Grant Thornton in the U.S., alongside Grant Thornton Advisors LLC, which provides non-attest services. Following the closing, CBIZ CPAs will remain a separate licensed public accounting firm during a transition period, after which it’s anticipated that CBIZ CPAs will be integrated with Grant Thornton LLP.

Also as part of the deal, CBIZ Benefits & Insurance Services is launching as an independent company backed by New Mountain Capital. It will rank among the 30 largest insurance brokers with more than 1,600 professionals nationwide and annual revenue over $400 million, representing nearly 40% growth since 2020.

“Our clients face increasingly complex decisions around benefits, risk, retirement, talent, and workforce strategy,” said CBIZ Benefits & Insurance Services CEO Michael Kouzelos in a statement. “As a standalone firm, we are uniquely positioned to expand our capabilities and enhance the support we provide to clients as they navigate those challenges. Backed by New Mountain Capital and powered by the dedication of our people, we are exceptionally well-positioned to drive growth, expand our capabilities, and continue building on the trust our clients place in us every day.”

Introductory bullet points created by AI with editorial review.