Grant Thornton agrees to acquire CBIZ in $5 billion all-cash deal as professional services consolidation deepens
Against the backdrop of accelerating consolidation in U.S. professional services, CBIZ, Inc. (NYSE: CBZ) disclosed on July 29 that Grant Thornton, backed by New Mountain Capital, has agreed to acquire the Cleveland-based advisory…
HONG KONG— July 29, 2026
Against the backdrop of accelerating consolidation in U.S. professional services, CBIZ, Inc. (NYSE: CBZ) disclosed on July 29 that Grant Thornton, backed by New Mountain Capital, has agreed to acquire the Cleveland-based advisory group in an all-cash transaction with an enterprise value of $5.0 billion, or $55.00 per share. The announcement arrived alongside second-quarter and first-half 2026 results that showed a split picture: first-half revenue, net income, and free cash flow all grew year over year, while the second quarter alone saw GAAP net income fall 55.6%.
A split quarter and a firmer six months
Second-quarter total revenue came in at $682 million, down 0.2% year over year, with Financial Services matching that pace. Adjusted EBITDA fell 14.3% to $103 million, and adjusted diluted earnings per share slipped 8.1% to $0.91. GAAP earnings per share of $0.31 dropped 53.0%.
The six-month view sits in better shape. First-half revenue of $1.531 billion rose 0.6%, with Financial Services up 1.1%. GAAP net income reached $171 million, up 4.1%, and GAAP earnings per share of $2.83 improved 9.7%. Free cash flow climbed $99 million year over year, and operating cash flow rose $97 million. President and Chief Executive Officer Jerry Grisko said the company has invested heavily in integrating Marcum and expanding AI capabilities, and has refined its go-to-market approach, calling the result a stronger and more scalable platform.
The Grant Thornton transaction
Grant Thornton, supported by New Mountain Capital, will pay $55.00 per share in cash for all CBIZ shares outstanding, placing the enterprise value at $5.0 billion. The deal is expected to close in the fourth quarter of 2026, pending CBIZ shareholder approval, required regulatory clearances, and standard closing conditions. Once complete, CBZ stock will be delisted from the New York Stock Exchange and CBIZ will operate as a private company. Because of the transaction, CBIZ withdrew its fiscal 2026 financial guidance and canceled the quarterly earnings conference call.
Operational bets and the sector read-through
CBIZ completed an enterprise-wide AI rollout during the period, reaching 100% employee certification and enabling more than 1,500 team members to build custom Microsoft Copilot agents. The company expanded its business transformation team to more than 60 professionals and completed the acquisition of BINDZ, adding more than 250 India-based professionals to what it described as a global delivery platform. Benefits and Insurance producer hiring rose 60% year over year, and new Managing Director hires expanded the Financial Services practice.
The broader cycle logic behind the Grant Thornton deal is the same capital pressure reshaping accounting and advisory at scale: rising AI investment costs and sustained competition for senior talent make subscale platforms harder to sustain. The macro caveat for CBIZ shareholders sits squarely with regulatory timing. The company has suspended all guidance, and the fourth-quarter 2026 target closing date carries no guarantee.
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