CLEVELAND, June 8, 2017 /PRNewswire/ -- CBIZ, Inc. (NYSE: CBZ) (the "Company") today announced that it has acquired substantially all of the assets of CMF Associates, L.L.C. ("CMF"), effective June 1, 2017.
Founded in 2001, CMF provides transaction and transition-focused financial, operational, and human capital solutions to private equity firms and their portfolio companies across North America. CMF has served more than 135 private equity funds across more than 500 companies with transaction advisory, office of the CFO, strategic financial planning and analysis, and executive search offerings. Specific services include post-transaction consulting and integration, buy- and sell-side carve out, preparation for exit, dashboard and reporting development, and interim executive services. CMF has more than 75 associates including internal staff and outside consultants and recorded approximately $19.2 million in revenue in 2016.
Founder and managing partner at CMF, Thomas Bonney said, "CMF sought a committed partner who shared our growth-oriented vision of scaling our position as a premier service provider to private equity and their expanding portfolio. We found in CBIZ an advocate that will provide us with offices across the country, complementary tangential services and the resources to drive portfolio value creation in a more comprehensive way and on a national scale."
Jerry Grisko, president and CEO of CBIZ, said, "The acquisition of CMF represents a strategic step in establishing CBIZ as an industry leader of professional business services to middle-market focused private equity firms. Our intent is to provide a level of service and breadth of expertise – that doesn't currently exist – to one of the fastest growing industries in the U.S. Tom and his leadership team will become integral leaders in our national private equity practice and we look forward to growing together."
CBIZ, Inc. provides professional business services that help clients better manage their finances, employees, and insurance needs. CBIZ provides its clients with financial services including accounting, tax, financial advisory, government healthcare consulting, risk and advisory, and valuation services. Benefits and insurance services include group health benefits consulting, property and casualty insurance, retirement plan consulting, payroll, and HR consulting. As one of the largest accounting, insurance brokerage, and valuation companies in the United States, the Company's services are provided through more than 100 Company offices in 33 states.
Forward-looking statements in this release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those projected. Such risks and uncertainties include, but are not limited to, the Company's ability to adequately manage and sustain its growth; the Company's dependence on the current trend of outsourcing business services; the Company's dependence on the services of its CEO and other key employees; competitive pricing pressures; general business and economic conditions; and changes in governmental regulation and tax laws affecting the Company's insurance business or its business services operations. A more detailed description of such risks and uncertainties may be found in the Company's filings with the Securities and Exchange Commission.
For further information regarding CBIZ, call our Investor Relations Office at (216) 447-9000 or visit our web site at www.cbiz.com.
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SOURCE CBIZ, Inc.
Lori Novickis, Director, Corporate Relations, CBIZ, Inc., Cleveland, Ohio, (216) 447-9000