Industry

Grant Thornton to Buy CBIZ for $5 Billion, Creating the Fifth-Largest US Firm

Grant Thornton Advisors agreed on July 29, 2026 to acquire CBIZ in an all-cash deal valued at $5 billion. The combined firm would have nearly $7.5 billion in revenue and more than 34,500 people.

By Brennan KolarFounder, Atlas CPA Index

Published August 17, 20266 min readVerified as of August 17, 2026

The Deal

Grant Thornton Advisors agreed on July 29, 2026 to acquire CBIZ in an all-cash transaction with an enterprise value of $5 billion. CBIZ shareholders receive $55.00 per share, which the companies put at a 54 percent premium to the 30-day volume-weighted average share price. Both firms sit in the top 10 of US accounting firms by revenue, so this is two large players combining rather than a large firm absorbing a small one.

What the Combined Firm Looks Like

Grant Thornton put combined revenue at nearly $7.5 billion, with more than 34,500 people working across more than 20 countries. The US business on its own is expected to clear $5 billion in annual domestic revenue, which the firm says will make it the fifth-largest professional services provider in the United States.

New Mountain Capital's Role

New Mountain Capital made its first investment in Grant Thornton Advisors in May 2024, and it is putting in additional equity to support this acquisition. After closing, New Mountain will back CBIZ's Benefits and Insurance Services segment as an independent company, so that piece of CBIZ does not fold into Grant Thornton. Andre Moura, a Managing Director at New Mountain, said "Grant Thornton in the U.S. will be the fifth largest professional services provider and one of the most forward-thinking firms regarding AI."

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Why Grant Thornton Advisors and Not Grant Thornton LLP

The buyer is Grant Thornton Advisors LLC, which is not a licensed CPA firm and provides tax and advisory services only. Audit and assurance work stays with Grant Thornton LLP, the licensed CPA firm. That two-entity split is how an accounting firm takes outside investment without placing investors in control of a licensed audit practice, and it is the structure that has made private capital deals in the profession possible over the past few years.

What Happens Next

The transaction needs approval from CBIZ shareholders along with regulatory clearances and the usual closing conditions, and the companies expect it to close in the fourth quarter of 2026. When it does, CBIZ common stock stops trading and leaves the New York Stock Exchange, and CBIZ becomes wholly owned by Grant Thornton Advisors. Jim Peko, chief executive of Grant Thornton Advisors, framed the logic as reach: "By combining our multinational platform with CBIZ's strong market presence, we're broadening our ability to support businesses through every stage of growth." CBIZ President and CEO Jerry Grisko called it "a historic combination with a complementary cultural and strategic fit."

What It Means If You Are Job Hunting

Consolidation at this scale changes the shape of the market between the Big Four and regional firms. A combined Grant Thornton and CBIZ competes for middle-market clients that previously had a longer list of independent options, and integrations this large tend to bring reviews of overlapping roles alongside hiring in whichever service lines the firms are pushing. If firm size is part of how you are choosing where to start, our Big 4 guide covers what actually differs between the tiers, and our CPA salary guide has current compensation ranges by firm type.

Sources

1.Grant Thornton — Grant Thornton Advisors to Acquire CBIZ (Press Release, July 29, 2026)(accessed Aug 17, 2026)

Related on Atlas CPA Index

Big 4 Firms Guide →CPA Salary Guide →CPA Job Market Outlook →CPA Salary and Hiring Outlook 2026 →CPA Career Paths →

Brennan Kolar

Founder, Atlas CPA Index

Brennan Kolar is the founder of Atlas CPA Index, an independent CPA review comparison platform covering all 55 U.S. jurisdictions. With over 10 years of experience with CPA review, he built Atlas to help candidates find the right review course based on how they actually learn, not which provider has the biggest ad budget.

Learn more about the author

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