Grant Thornton Advisors to Acquire CBIZ in $5 Billion All-Cash Deal

Grant Thornton Strikes $5 Billion All-Cash Deal for CBIZ

Grant Thornton Advisors will buy CBIZ for $5 billion in cash, the companies announced on July 29, 2026, marking a massive consolidation wave across the middle-market accounting sector. Under the definitive agreement, CBIZ shareholders will receive $55.00 per share in cash. That offer price represents a 17.8% premium to its previous close and a roughly 54% premium to CBIZ’s 30-day volume-weighted average share price.

The transaction represents the largest transaction of its kind in more than 25 years. Upon closing, expected in the fourth quarter of 2026, the combined U.S. operations will make Grant Thornton the fifth-largest U.S. provider of professional, tax, and advisory services, trailing only the Big Four firms: Deloitte, EY, KPMG, and PwC.

“By combining our multinational platform with CBIZ’s strong market presence, we’re broadening our ability to support businesses through every stage of growth — from early development to global scale. Together, we’ll bring the quality, scope and capabilities clients need to navigate an increasingly complex and rapidly evolving business environment.”

Jim Peko, CEO of Grant Thornton Advisors and leader of the Grant Thornton Advisors multinational platform

New Mountain Capital Backs the Take-Private Transaction

Private equity firm New Mountain Capital, which first invested in Grant Thornton Advisors in May 2024 to fuel its aggressive expansion strategy, is making a new equity investment to enable the buyout. The move takes CBIZ private, meaning its stock will cease to trade and no longer be listed on the New York Stock Exchange.

We’re pleased to continue to support Grant Thornton Advisors’ strategic growth plan, a journey we have been on together since May 2024, said Andre Moura, managing director of New Mountain Capital, highlighting the firm’s ongoing capital backing. Following the acquisition, Grant Thornton in the U.S. will generate more than $5 billion in annual domestic revenue, while the multinational platform will span more than 20 countries and territories and generate nearly $7.5 billion in revenue.

As part of the post-closing restructuring, CBIZ’s benefits and insurance services segment will be separated into an independent standalone company backed by New Mountain Capital. Meanwhile, CBIZ has retained a “go shop” period to solicit competing offers until August 27.

Industry Consolidation and Market Reactions

The buyout highlights rapid consolidation across the accounting sector as mid-tier firms aggressively race to close the gap with the Big Four. The trend follows Baker Tilly and Moss Adams combining last year in a $7 billion deal, alongside CBIZ’s own acquisition of accounting firm Marcum in a $2.3 billion deal in 2024.

Given the fragmented nature of the industry and relative small postmerger market share for the combined organization, we would not expect regulatory approval to be an issue, William Blair analyst Andrew Nicholas said.

“This is a historic combination with a complementary cultural and strategic fit. CBIZ has grown rapidly over many years to become a leading professional services provider. Joining Grant Thornton Advisors accelerates the realization of that vision, creating a stronger firm with new and exciting opportunities for our team members and enhanced service offerings for clients, while delivering significant value to CBIZ shareholders.”

Jerry Grisko, president and chief executive officer of CBIZ

Advisors Behind the Multibillion-Dollar Agreement

The transaction was unanimously approved by CBIZ’s board of directors, who recommended that shareholders vote in favor of the deal. On the advisory side, Deutsche Bank is acting as lead financial advisor for Grant Thornton Advisors.

CBIZ tapped Goldman Sachs as its financial advisor.