Grant Thornton Completes $5bn CBIZ Buy to Challenge Big Four

Grant Thornton Advisors has completed its US$5bn acquisition of professional services firm CBIZ, cementing a transaction first announced in July.

The deal creates the fifth-largest US provider of professional services, tax and advisory offerings. Grant Thornton Advisors describes it as the largest transaction of its kind in over two decades.

New Mountain Capital, which led an investment in Grant Thornton Advisors in May 2024, also contributed additional equity to fund the acquisition.

CBIZ will now be incorporated into Grant Thornton Advisors' multinational platform, which operates across more than 25 countries worldwide.

The firm says the enlarged platform will generate annual revenues of more than US$7bn and bring together more than 34,500 professionals across the Americas, Europe, the Middle East and Asia-Pacific.

One brand, one platform

The merged entity will ultimately operate under the Grant Thornton name through a fully integrated model.

Jim Peko remains CEO of Grant Thornton Advisors and will continue to lead the multinational platform.

Speaking about the completed deal, Jim says the combined company will marry both firms' "complementary capabilities" and establish "incredible client service".

He adds: "CBIZ's strong US relationships and industry knowledge, combined with our expertise... give us a powerful formula for serving clients no matter how complex their needs."

He adds that the focus now is to bring together "the best of both organisations" to help clients achieve "even greater success".

Separately, an attest transaction involving Grant Thornton and CBIZ CPAs is expected to close by the end of this year. During the transition period, CBIZ CPAs will remain an independent accounting firm.

CBIZ CPAs is then expected to integrate with Grant Thornton.

Grant Thornton Advisors adds that the acquisition will support its previously announced US$1bn investment in AI and advanced technology strategies.

Luring graduates away from the Big Four

Alongside the acquisition, Grant Thornton Advisors is working to draw UK graduates away from the Big Four — Deloitte, PwC, EY and KPMG — by offering higher salaries and a £5,000 (US$6,732) "golden hello" bonus.

The firm says it would offer a "market-leading" £40,000 (US$53,860) starting salary to graduates in London, beating the £30,000 (US$40,395) to £36,000 (US$48,474) offered by the Big Four.

The Big Four are widely regarded as the most prestigious finance brands for graduates seeking careers in tax and accounting, making it difficult for smaller challengers to attract new recruits.

Discussing the strategy, Abigail Fisher, Chief People Officer at Grant Thornton Advisors, says: "We don't want to be number two to the Big Four; we need to be number one.

Grant Thornton Advisors's graduate recruitment campaign includes slogans that take direct aim at the Big Four, such as: "Go one better than Four".

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CEO: Bill McDermott | Headquarters: Santa Clara, California, US