Search Results for: CBIZ

CBIZ Acquires Forensic Accounting Firm in San Diego

Cleveland-based CBIZ (FY18 net revenue of $785 million) has acquired Brinig Taylor Zimmer of San Diego.

Brinig Taylor Zimmer provides litigation consulting and expert witness services for a range of business and personal litigation, forensic accounting and business valuation services. The firm brings 17 employees and about $4 million in revenue to the union.

“Our forensic and financial services national practice has known and worked with the BTZ team for years. In addition to being one of the largest forensic accounting providers of its kind, BTZ is also one of the most experienced and respected firms in San Diego,” said CBIZ CEO Jerry Grisko in a statement. “This acquisition will add significant depth to our existing forensic accounting practice.”

“After 36 years of building a team-based forensic accounting and business valuation firm, the entire staff of Brinig Taylor Zimmer Inc. is thrilled to join CBIZ, a national leader in professional advisory services. We firmly believe that there is a synergistic benefit to the relationship with CBIZ and we look forward to serving our existing clients with the strength and support of CBIZ behind us,” principal Brian Brinig said in a statement.

This is CBIZ’s fourth deal of 2019. Others are The Wenner Group, a Denver accounting firm; Paytime, a payroll processor in Solon, Ohio; and Gavion, investment consultants in Memphis, Tenn.

According to Crain’s Cleveland Business, CBIZ reported after the second quarter that it has about $229.2 million available for additional deals, and that similar smaller acquisitions were likely. CFO Ware Grove told investors at the time the plan is to spend $18.1 million on deals throughout the rest of the year, $11.5 million in 2020 and $5.1 million in 2021 and $2.7 million in 2022, Cleveland Business reported.

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CBIZ Acquires Ohio Payroll Service Company

Cleveland-based CBIZ (FY18 net revenue of $785 million) has acquired Paytime of Solon, Ohio, a payroll service provider with 37 employees and about $4 million in revenue.

CBIZ president and CEO Jerry Grisko says, “We are pleased to have Paytime join the CBIZ family and strengthen our human capital management offerings. Paytime’s strong Ohio presence aligns well with our current locations in Cleveland, Akron and Columbus, and their services will complement the other professional services we currently provide to our clients.”

Mary Ann Shamis of Paytime, says, “The fact that both companies use the same platforms will ensure a seamless transition for our employees and clients.”

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CBIZ Expands Its Public Company Tax Practice with the Addition of Lisa Stabile

Lisa Stabile

Lisa Stabile

Cleveland-based CBIZ (FY18 net revenue of $785 million) has expanded its Public Company Tax Practice with the addition of Lisa Stabile. Stabile has joined the company as a director and works out of both the Providence, R.I. and Boston offices. Prior to joining the company, she was a director in the Providence office at International Game Technology PLC.

“I am thrilled to welcome Lisa to our team of Directors. Her addition enhances the depth of resources and expertise that we provide to our clients, and showcases our commitment to delivering high-quality professional services to our clients,” says Scott Wragg, senior managing director of the New England offices.

Stabile has more than 20 years of leadership experience providing tax services to a variety of industries, with specialized expertise in servicing public companies. She has extensive experience with ASC 740 reporting and SOX 404 internal controls, and assists clients with federal, state and foreign tax compliance projects, as well as tax audits. Additionally, she provides tax department outsourcing services and assists clients with implementing standardized tax processes and procedures.

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CBIZ Announces Promotions of Seven to Leadership Roles

Carrie Demakis

Carrie Demakis

Cleveland-based CBIZ (FY17 net revenue of $718 million) has promoted three to managing director and four to director. The newly promoted managing directors are Carrie Demakis, Joanna Powell and Joyce Troy. The newly promoted directors are Mary Costa, Suzanne Jalbert, Laura Smith and Brian Sullivan. All seven members work out of both the Boston and Providence, R.I., offices.

“I am excited to welcome Carrie, Joanna and Joyce to our team of managing directors and Mary, Suzanne, Laura and Brian to our team of directors in recognition of their commitment to providing practical ideas and solutions to our clients. We are proud to honor them as leaders in our company,” says Scott Wragg, senior managing director of the New England offices.

Joanna Powell

Joanna Powell

Demakis has more than 15 years of experience providing attest services to privately-held and public companies in the retail, technology, service, software as a service (SaaS), manufacturing, wholesale/distribution and not-for-profit industries. She provides financial, operational, IT control and System and Organization Control (SOC) examination, reporting and readiness consulting services.

Powell has more than 13 years of experience providing tax consulting, planning, preparation and review services for high-net-worth individuals and family groups. She has also been named leader of the high-net-worth practice in New England.

Joyce Troy

Joyce Troy

Troy has more than 20 years of accounting and auditing experience providing services to privately-held companies in the manufacturing, distribution, and hospitality industries, as well as not-for-profit and education organizations. Her specialties include managing audits and reviews of financial statements, evaluating internal controls and accounting matters and offering recommendations.

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Higgins Joins CBIZ as Managing Director

Kevin Higgins

Kevin Higgins has joined Cleveland-based CBIZ (FY17 net revenue of $718 million) as a managing director and works out of both the Providence, R.I., and Boston offices.

He most recently served as an assurance partner at EY. “Attracting high-caliber talent such as Kevin has a significant positive impact on our clients and our practice,” says Scott Wragg, senior managing director of the New England offices. “His addition expands our depth of resources and expertise, and showcases our commitment to delivering high-quality professional services to our clients.”

Higgins has more than 25 years of experience working with privately held businesses and publicly traded companies focused primarily in the professional services, life science, real estate, manufacturing and technology industries. He has extensive experience with various complex accounting issues, including revenue recognition, fair value intangibles and impairment, consolidation considerations, business combinations and stock-based compensation.

CBIZ Acquires Colorado CPA Firm, Wenner Group

Jerry Grisko

Cleveland-based CBIZ (FY17 net revenue of $718 million) acquired The Wenner Group of Greenwood Village, Colo., Jan. 1.

Founded in 1961, TWG provides accounting, tax and consulting services to small and mid-sized businesses. TWG’s 14 employees and $2.4 million in revenue will be integrated into the company’s Denver-based financial services practice, reporting to Dan Seff, senior managing director.

Jerry Grisko, president and CEO of CBIZ, states, “This acquisition further enhances our service offerings and brings additional scale to our Denver operations. This is our third acquisition in Denver in as many years, which is a testament to our commitment and expectation for future growth in this important market.”

Gary Saltzman of The Wenner Group, says, “Joining CBIZ not only affirms our commitment to our clients, but also provides our staff with additional growth and development opportunities as part of a leading national organization.”

CBIZ Buys Retirement Plan Advisory Business

Jerry Grisko

Cleveland-based CBIZ (FY17 net revenue of $718 million) has acquired Sequoia Institutional Services (SIS), a division of Akron-based Sequoia Financial Group, on Dec. 1, according to Crain’s Cleveland Business. Terms were not disclosed.

Sequoia was established in 1991, but SIS was established in 2010. SIS provides investment advisory services on retirement plans.

The business, which has eight employees, recorded about $2 million in revenue during the past year, according to CBIZ.

“In addition to a strong cultural fit between SIS and CBIZ, the addition of SIS to our existing team of retirement plan specialists allows us to provide our clients with an even broader array of services backed by a larger team of top-rate professionals,” says CBIZ president and CEO Jerry Grisko in a statement.

Sequoia president Tom Haught told Cleveland Business that his firm wants to focus on private client services, which make up 90% of Sequoia’s business, with the remainder being retirement plans.

CBIZ is in acquisition mode, having also purchased InR Advisory Services of Media, Pa., and Laurus Transaction Advisors of Denver this year.

CBIZ Acquires InR Advisory Services

Cleveland-based CBIZ (FY16 net revenue of $661 million) acquired InR Advisory Services, effective April 1.

InR provides investment advisory services for public and private sector clients and nonprofit organizations.

“It was very important for us to partner with a leading national company like CBIZ that shares our same commitment to our employees and clients,” says Michael Glackin, president of InR. “We can now bring additional services and resources to our clients while continuing to expand our presence in Pennsylvania and beyond.”

“The acquisition of InR deepens our investment management expertise and specifically taps into the municipal pension and 457 marketplace,” says Jerry Grisko, president and CEO of CBIZ. “InR’s reputation of integrity and outstanding client service makes them an ideal partner for CBIZ.”

CBIZ Acquires Laurus Transaction Advisors

Cleveland-based CBIZ (FY16 net revenue of $661 million) acquired Laurus Transaction Advisors of Englewood, Colo., effective Feb. 1.

Founded in 2008, Laurus provides buy-side and sell-side financial and accounting due diligence services for merger and acquisition transactions to private equity groups as well as public and private companies. Laurus has completed more than 650 financial and accounting due diligence engagements and projects for private equity groups and companies located throughout the U.S.

“We sought a partner to leverage Laurus’ market leading reputation by further scaling its ability to serve middle market private equity firms,” says co-founder and partner at Laurus Transaction Advisors, Mark Coleman.

“CBIZ offers a national platform and top ten accounting provider resources that enable us to broaden our reach and continue to deliver more responsive and value-added due diligence services,” says Patrick Martin, co-founder and partner at Laurus Transaction Advisors.

CBIZ provides its clients with financial services including accounting, tax, financial advisory, government health care consulting, risk advisory and valuation services. Benefits and insurance services include group health benefits consulting, property and casualty insurance, retirement plan consulting, payroll and HR consulting.

“The acquisition of Laurus further strengthens our position as an industry leader of professional business services to middle-market focused private equity firms. Mark and Patrick both share CBIZ’s commitment to exceptional client service and we are excited to have them as key leaders in our national transactional advisory services group,” says Jerry Grisko, president and CEO of CBIZ.

CBIZ Acquires McKay & Carnahan

Cleveland-based CBIZ & MHM (FY16 net revenue of $661 million) acquired McKay & Carnahan of Newport Beach, Calif.

“We look forward to providing our clients with the additional resources and expertise of a national company while also offering our talented pool of professional and administrative personnel the opportunity for an outstanding career path going forward,” says Verlon McKay. “McKay & Carnahan has a very loyal and long-standing client base and, while our name will change, we remain committed to providing the exceptional personal and professional services they’ve come to expect from us over the past 36 years,”

Jerry Grisko, president and CEO of CBIZ, says, “The addition of McKay & Carnahan will strengthen our current market presence and provide added depth and expertise in our Southern California market. The quality practice that Verlon and his team have grown complements our current operations, and we look forward to working with them to better serve clients and grow our business together.”