Grant Thornton Completes $5 Billion CBIZ Acquisition
The all-cash deal combines the two firms into a company with over $7 billion in annual revenue and more than 34,500 professionals.
Updated on Nov. 2, 2026 in Corporate Finance
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Grant Thornton Advisors has completed its $5 billion acquisition of CBIZ, which was announced in July. CBIZ common stock has stopped trading on the New York Stock Exchange, and CBIZ is now wholly owned by Grant Thornton Advisors.
Why it matters
The deal creates a combined firm with over $7 billion in annual revenue, reflecting Grant Thornton's growth since receiving private equity investment from New Mountain Capital in 2024. CBIZ Benefits & Insurance Services has also launched as an independent company backed by New Mountain Capital.
The all-cash acquisition valued at $5 billion produced a combined firm with over $7 billion in annual revenue and more than 34,500 professionals. Reported financing details include $2 billion in junk bonds, according to CPA Trendlines, and the attest transaction timing remains pending.
The players
Grant Thornton Advisors
Grant Thornton Advisors is the parent firm of the Grant Thornton member firms operating across multiple countries, and it received a private equity investment from New Mountain Capital in 2024.
CBIZ
CBIZ is a professional services company that provides accounting, tax, and benefits and insurance services, and its common stock previously traded on the New York Stock Exchange.
New Mountain Capital
New Mountain Capital is a private equity firm that invested in Grant Thornton in 2024 and backs the independent CBIZ Benefits & Insurance Services.
The details
The acquisition was completed as an all-cash transaction, and CBIZ common stock stopped trading on the New York Stock Exchange at closing. Separately, CBIZ Benefits & Insurance Services has been launched as an independent company backed by New Mountain Capital.
Timeline
July: Acquisition of CBIZ announced.
November 2, 2026: Grant Thornton completes the CBIZ acquisition.
Later this year: Attest transaction between Grant Thornton LLP and CBIZ CPAs expected to close.
Market Dynamics
The acquisition extends the expansion that Grant Thornton has pursued since New Mountain Capital's 2024 private equity investment. Combining firms of this scale reflects continued consolidation among professional services providers in the accounting and advisory sector.
Investors who held CBIZ common stock no longer have shares trading on the New York Stock Exchange because the company is now wholly owned by Grant Thornton Advisors. Clients of CBIZ's accounting and benefits services should watch for how the planned integration with Grant Thornton LLP affects their existing service arrangements.
The takeaway
Large professional services firms are increasingly combining through private equity-backed deals that bring together accounting, tax, and advisory operations under one ownership structure. Tracking how attest and integration arrangements are finalized can clarify how these consolidations affect the services clients receive.
What happens next
A separate attest transaction involving Grant Thornton LLP and CBIZ CPAs is expected to close later this year, with CBIZ CPAs anticipated to be integrated with Grant Thornton LLP after a transition period.
Further reading
For related coverage, explore more Corporate Finance stories.
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