CBIZ Acquires the Employee Benefit Division of Leavitt Pacific Insurance Brokers
CLEVELAND, Nov. 6, 2012 /PRNewswire/ -- CBIZ, Inc. (NYSE: CBZ) today announced that it has acquired the employee benefit division of Leavitt Pacific Insurance Brokers, Inc., ("LPIB"), of Campbell, CA, effective November 1, 2012.
Originally co-founded in 1984 by Greg Yoder, and subsequently acquired by LPIB in 2007, the business provides employee benefits, retirement plan services, as well as ancillary business support and services to small-, mid-sized and large clients in the San Jose region. This acquisition is expected to add 18 employees and approximately $2.5 million to CBIZ annualized revenue, and will be integrated into CBIZ's current San Jose office.
Greg Yoder of LPIB, stated, "Our team is excited to become a member of the CBIZ family, and we look forward to better serving our clients and our community under the CBIZ banner."
Steve Gerard, CBIZ Chairman and CEO, stated, "This acquisition will add additional depth, production, client service and leadership to our San Jose office. Greg's community leadership is very well known and he is highly respected in San Jose, and we are very pleased to welcome him and his team to CBIZ."
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 and consulting, internal audit, merger and acquisition advisory and valuation services. Employee services include employee benefits consulting, property and casualty insurance, retirement plan consulting, payroll, life insurance, HR consulting, and executive recruitment. CBIZ also provides outsourced technology staffing and support services, real estate consulting services, healthcare consulting, and medical practice management. As one of the largest benefits specialists and one of the largest accounting, valuation, and medical practice management companies in the United States, the Company's services are provided through more than 130 Company offices in 37 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 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 its 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.
SOURCE CBIZ, Inc.
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