CBIZ Acquires Lewis Birch & Ricardo, LLC
CLEVELAND, Feb. 3, 2014 /PRNewswire/ -- CBIZ, Inc. (NYSE: CBZ) today announced that it has signed a definitive agreement to acquire the non-attest business of Lewis, Birch & Ricardo, L.L.C., ("LBR") of Tampa Bay, Florida, effective February 1, 2014. Concurrent with the transaction, Mayer Hoffman McCann P.C. announced the acquisition of the attest business of Lewis, Birch & Ricardo. CBIZ Inc. and Mayer Hoffman McCann P.C. operate an alternative practice structure. The two companies are separate and independent legal entities that work together to serve clients' business needs.
Formed in 1990, LBR is a professional tax, accounting and consulting service provider with significant experience and expertise in matrimonial and family law litigation support, not-for-profit entities and healthcare provider services. This acquisition is expected to add 58 employees and approximately $9.8 million to CBIZ annualized revenue.
Mike Lewis of LBR stated, "We've known the local CBIZ professionals for the past twenty years and have had a great relationship with them. We now look forward to working together as a team. It's also exciting to join the sixth-largest local accounting service provider, not to mention one of the nation's leading providers."
Steve Gerard, CBIZ Chairman and CEO, stated, "We welcome Mike and the rest of the LBR team to CBIZ. Their reputation, high professional standards, commitment to quality and their clients fit the characteristics we seek in building out our current markets. Their experience and technical expertise will be a great addition to our existing and thriving Tampa Bay area operations."
CBIZ, Inc. provides professional business services that help clients better manage their finances and employees. CBIZ provides its clients with financial services including accounting, tax, financial advisory, government health care consulting, risk advisory, real estate consulting, and valuation services. Employee services include employee benefits consulting, property and casualty insurance, retirement plan consulting, payroll, life insurance, HR consulting, and executive recruitment. As one of the largest accounting and valuation companies in the United States, the Company's services are provided through nearly 100 Company offices in 32 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.
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SOURCE CBIZ, Inc.