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Grant Thornton buys CBIZ in $5 billion cash deal

Grant Thornton buys CBIZ in $5 billion cash deal

Money Moves

A private-equity-backed accounting firm swallows a rival, the largest such deal in over 25 years

August 27th, 2026: Go-shop period ends

Overview

CBIZ shareholders will get $55 in cash per share, about 54% more than the stock's recent average. That is the price Grant Thornton Advisors agreed to pay on July 29 to buy the rival professional-services firm in an all-cash deal worth $5 billion.

The combined firm would pull in close to $7.5 billion a year and employ more than 34,500 people, making it the fifth-largest accounting and advisory provider in the US. Both firms call it the biggest deal of its kind in more than 25 years.

Why it matters

Private-equity money is buying up the firms that audit and advise American businesses, and this is the largest bet yet on that shift.

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Key Indicators

$5B
Enterprise value
All-cash price for CBIZ, including debt.
$55.00
Price per share
Cash paid for each CBIZ share.
54%
Premium
Markup over CBIZ's 30-day average share price.
$7.5B
Combined revenue
Annual global revenue of the merged firm.
34,500
Staff
Employees across more than 20 countries after closing.
5th
US ranking
The merged firm's rank among US professional-services providers.

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People Involved

Organizations Involved

Timeline

August 2021 August 2026

5 events Latest: August 27th, 2026
Tap a bar to jump to that date
  1. Go-shop period ends

    Latest Deal Process

    CBIZ's window to solicit competing offers closes. A higher bid could change the buyer or the price.

  2. Grant Thornton agrees to buy CBIZ

    Today Money Move

    Grant Thornton Advisors agrees to buy CBIZ for $5 billion in cash at $55 a share. CBIZ shares post their biggest single-day gain in over 20 years.

  3. CBIZ completes Marcum deal

    Money Move

    CBIZ closes its $2.3 billion purchase of Marcum's non-attest business, reaching about $2.8 billion in revenue and 10,000-plus staff.

  4. New Mountain buys into Grant Thornton

    Money Move

    New Mountain Capital closes a majority investment in Grant Thornton's US non-audit business, then the largest private equity deal in the profession.

  5. Private equity enters accounting

    Context

    EisnerAmper takes investment from TowerBrook Capital, the first big private equity stake in a major US accounting firm.

Historical Context

3 moments from history that rhyme with this story — and how they unfolded.

August 2021

EisnerAmper takes private equity money (2021)

EisnerAmper, a top-20 US accounting firm, sold a large stake to private equity firm TowerBrook Capital Partners. To keep its CPA license, the firm split into an audit entity and a separately owned advisory business.

Then

EisnerAmper used the cash to buy more than a dozen smaller firms within three years.

Now

The deal opened the door for outside investors and reshaped how big US accounting firms are owned.

Why this matters now

It set the template Grant Thornton later used: split off the non-audit business so private equity can own and grow it.

January 2025

Citrin Cooperman flips to Blackstone (2025)

New Mountain Capital sold accounting firm Citrin Cooperman to another private equity firm, Blackstone. It was the first time a US accounting firm passed from one buyout owner to the next.

Then

Citrin Cooperman got a fresh round of capital to keep acquiring smaller firms.

Now

It showed private equity now treats accounting firms as assets to buy, grow, and resell, like any other industry.

Why this matters now

The same firm, New Mountain, is behind Grant Thornton, showing how these owners recycle capital across accounting deals.

November 2024

CBIZ absorbs Marcum (2024)

CBIZ paid about $2.3 billion for the non-attest business of Marcum, the largest deal in CBIZ's history. The purchase pushed CBIZ to roughly $2.8 billion in revenue and made it the seventh-largest US accounting provider.

Then

CBIZ grew to more than 10,000 staff across 22 major markets.

Now

The bigger CBIZ became a more attractive target, setting up its own sale less than two years later.

Why this matters now

The scale CBIZ built by buying Marcum is exactly what makes it worth $5 billion to Grant Thornton now.

Sources

(7)