CBIZ Completes Historic $2.3 Billion Acquisition of Marcum, Vaulting to Top Ranks in U.S. Accounting Industry

CBIZ, Inc. (NYSE: CBZ), the Cleveland-based professional services giant, has successfully closed its $2.3 billion acquisition of Marcum, LLP, marking the largest acquisition in CBIZ’s 37-year history and securing its position among the top accounting firms in the United States. With the acquisition, CBIZ is projected to jump to seventh place in U.S. accounting firm rankings by revenue, surpassing Grant Thornton. The combined entity is expected to generate an estimated $2.8 billion in annual revenue, employ more than 10,000 professionals, and serve a client base of over 135,000 across the nation.

Jerry Grisko, CBIZ’s President and CEO, welcomed the Marcum team with enthusiasm, noting that the acquisition represents a new chapter for CBIZ. “Now, with over 10,000 team members, we will offer our clients an enhanced breadth of services and depth of expertise unmatched in our industries,” said Grisko in an official statement on November 1. “With even deeper subject-matter expertise, industry resources, service lines, and insights, we can provide actionable advice and innovative, data-driven solutions. We are excited to welcome the Marcum team to CBIZ and look forward to a bright future together.”

Deal Structure and Strategic Impact

The acquisition was structured as a cash-and-stock deal, with roughly half of the $2.3 billion transaction paid in cash and the other half through 14.4 million shares of CBIZ common stock. This infusion of talent, expertise, and geographic reach not only strengthens CBIZ’s foothold in the professional services sector but also introduces new service offerings and synergies. CBIZ acquired Marcum’s non-attest business, while its affiliate, CBIZ CPAs, acquired Marcum’s attest services.

The deal is also a testament to CBIZ’s strategy of targeted acquisitions. Over the years, CBIZ has pursued an aggressive acquisition strategy to build a robust portfolio of services in tax, advisory, and business solutions, particularly for micro-cap and midcap companies. CBIZ’s support of mid-sized businesses extends across accounting, payroll, employee benefits, and risk management, making it a valuable partner for companies in need of comprehensive, growth-oriented solutions. This acquisition strengthens CBIZ’s offerings in key markets, especially New York, where Marcum was headquartered, along with 43 other U.S. locations.

Marcum’s Legacy and Transition

Founded in 1951 as Marcum & Kliegman, Marcum grew into a leading firm known for its tax, accounting, advisory, and technology solutions. Serving more than 35,000 clients, Marcum also built a reputation for working with entrepreneurial companies, midcap and micro-cap SEC registrants, and high-net-worth individuals. The Marcum brand will now be retired as the firm fully integrates into CBIZ.

Jeffrey Weiner, Marcum’s former chairman and CEO, announced his departure following the acquisition. He has since taken on a new role as CEO of Integrity Automotive, marking the end of a 43-year tenure with Marcum. In a six-part LinkedIn series titled “The Marcum Retrospective,” Weiner reflected on the journey leading up to the acquisition and the depth of his attachment to the firm. “Marcum is in my blood,” he wrote. “It’s part of my identity. It’s my other spouse, my sixth child.” Weiner’s retrospectives captured the firm’s values and the personal sacrifices behind Marcum’s growth.

CBIZ’s Acquisition History and Future Prospects

This acquisition is the latest in a series of high-profile deals by CBIZ as it works to expand its national reach and deepen its expertise in diverse professional services. The company’s past acquisitions, including the 2020 purchase of CFO Consulting Partners, illustrate a targeted approach aimed at expanding client services in critical areas like strategic finance, advisory, and risk management. With Marcum, CBIZ gains additional expertise in advisory services for midcap and micro-cap companies, positioning itself as a one-stop shop for growth-oriented businesses.

The Marcum acquisition marks a tipping point for CBIZ’s growth, with industry analysts speculating that the company may continue its acquisition spree to cement its position as a dominant force in the professional services sector. By focusing on complementary acquisitions, CBIZ has established a strong foundation for sustained growth, and the addition of Marcum bolsters its capabilities in tax advisory, M&A consulting, executive search, and other high-value services.

Looking Ahead: CBIZ’s Expansion Strategy

With the Marcum acquisition finalized, CBIZ’s path forward is marked by expansion into new service areas and the possibility of more acquisitions to enhance its market presence. The firm’s increased size, combined with a broader range of service offerings, positions it well to meet the needs of a rapidly evolving business landscape.

As CBIZ moves forward, Grisko emphasized the strategic value of the acquisition: “This acquisition is a testament to our commitment to providing industry-leading expertise and innovative solutions to help our clients thrive. We look forward to leveraging our expanded capabilities to provide even greater value to the clients and communities we serve.”

Thomas Lin
Financial Desk