Key Takeaways
- • Grant Thornton's US arm will acquire CBIZ Inc. for $5 billion in an all-cash transaction, with closing expected in Q4 2026, making this one of the largest professional services acquisitions in recent years.
- • CBIZ's benefits and insurance services division will be spun off post-acquisition as a standalone entity backed by New Mountain Capital, a private equity firm that previously invested in Grant Thornton Advisors in 2024.
- • The all-cash offer represents a 54% premium to CBIZ's undisturbed share price; CBIZ common stock will cease trading on the NYSE upon completion and the company will become wholly private.
- • Grant Thornton will rank as the fifth-largest US professional, tax, and advisory services provider following the deal, trailing only Deloitte, EY, KPMG, and PwC.
- • CBIZ maintains a "go shop" period through August 27, 2026, allowing the company to solicit competing offers; the spinoff firm's focus will be insurance, retirement, and payroll services, building on the division's $409 million in 2025 revenue and $682 million in Q2 2026 revenue.
Summary
Grant Thornton Advisors has agreed to acquire CBIZ Inc. for $5 billion in an all-cash transaction announced on July 29, 2026, representing a strategic consolidation in the professional services sector. The deal is structured with a post-acquisition spinoff: Grant Thornton will retain CBIZ's accounting and consulting operations, while the benefits and insurance services division will be separated into a standalone entity. New Mountain Capital, the private equity firm that previously backed Grant Thornton Advisors with incremental equity investment in 2024, will support the spinoff insurance and benefits services company.
CBIZ, headquartered in Cleveland, is a significant player in the insurance brokerage market, particularly in property/casualty coverage for businesses nationwide and condominium coverage in Florida. The company's benefits and insurance services segment generated $409 million in revenue during 2025 and $682 million in the second quarter of 2026, according to SEC filings. While substantially smaller than market leaders like Brown & Brown (which reported $1.7 billion in Q2 2026 revenue), CBIZ has executed steady expansion through more than two dozen acquisitions over the past decade.
The acquisition delivers a 54% premium to CBIZ's undisturbed share price, providing shareholders with a clear exit from public markets. Upon closing, CBIZ common stock will be delisted from the New York Stock Exchange and cease trading. The company has negotiated a "go shop" period extending through August 27, 2026, allowing its board to actively solicit competing bids. Managing directors Bob Mulcare and Sean Donovan of New Mountain Capital stated in the announcement that they aim to build "a new leading firm dedicated to insurance, retirement and payroll services," underscoring the PE investor's confidence in the separated insurance and benefits division's standalone viability and growth potential.
For Grant Thornton, the deal significantly bolsters its position in professional services. Upon completion, Grant Thornton will become the fifth-largest provider of professional, tax, and advisory services in the United States, positioning it behind only the Big Four firms—Deloitte, EY, KPMG, and PwC. Expected closing in the fourth quarter of 2026 marks the culmination of one of the largest professional services acquisitions in recent memory.
CBIZ, headquartered in Cleveland, is a significant player in the insurance brokerage market, particularly in property/casualty coverage for businesses nationwide and condominium coverage in Florida. The company's benefits and insurance services segment generated $409 million in revenue during 2025 and $682 million in the second quarter of 2026, according to SEC filings. While substantially smaller than market leaders like Brown & Brown (which reported $1.7 billion in Q2 2026 revenue), CBIZ has executed steady expansion through more than two dozen acquisitions over the past decade.
The acquisition delivers a 54% premium to CBIZ's undisturbed share price, providing shareholders with a clear exit from public markets. Upon closing, CBIZ common stock will be delisted from the New York Stock Exchange and cease trading. The company has negotiated a "go shop" period extending through August 27, 2026, allowing its board to actively solicit competing bids. Managing directors Bob Mulcare and Sean Donovan of New Mountain Capital stated in the announcement that they aim to build "a new leading firm dedicated to insurance, retirement and payroll services," underscoring the PE investor's confidence in the separated insurance and benefits division's standalone viability and growth potential.
For Grant Thornton, the deal significantly bolsters its position in professional services. Upon completion, Grant Thornton will become the fifth-largest provider of professional, tax, and advisory services in the United States, positioning it behind only the Big Four firms—Deloitte, EY, KPMG, and PwC. Expected closing in the fourth quarter of 2026 marks the culmination of one of the largest professional services acquisitions in recent memory.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.