Grant Thornton Advisors closes $5B CBIZ acquisition

Grant Thornton Advisors, backed by New Mountain Capital, has completed its acquisition of CBIZ at an enterprise value of $5 billion. The combination creates the fifth-largest U.S. provider of professional services, tax and advisory offerings, with more than $5 billion in annual domestic revenue.

Why it matters: It is one of the biggest consolidation moves yet in private-equity-backed accounting and advisory, reshaping the tier just below the Big Four.