CBIZ Acquires Goldstein Lewin & Co.


Jan 04, 2010, 06:00 ET from CBIZ, Inc.

CLEVELAND, Jan. 4 /PRNewswire-FirstCall/ -- CBIZ, Inc. (NYSE: CBZ) today announced the acquisition of the non-attest business of Goldstein Lewin & Company, one of the largest South Florida accounting and financial services provider in Boca Raton, Florida, effective January 1, 2010. Concurrent with this transaction, Mayer Hoffman McCann P.C. announced the acquisition of the attest business of Goldstein Lewin & Company. CBIZ, Inc. and Mayer Hoffman McCann P.C. have an alternative practice structure. The two companies are separate and independent legal entities that work together to serve clients' business needs.

Founded in 1975, Goldstein Lewin & Co. provides a broad spectrum of services including tax planning and compliance, wealth preservation and estate planning, technology consulting, software consulting, accounting, auditing, business valuation and litigation consulting. Goldstein Lewin & Co. has 85 associates and recorded approximately $13.7 million in revenue during the past twelve months.

CBIZ will integrate and co-locate its existing financial services office based in Boca Raton with Goldstein Lewin which will strengthen the Company's presence in the South Florida market. As a result, the Company expects to record a restructuring charge of approximately $1.4 million before tax during 2010 in connection with this integration. Including the impact of this one-time non-cash charge, it is anticipated that this transaction will be accretive to earnings in 2010.

Steven L. Gerard, CBIZ Chairman and CEO, stated, "Goldstein Lewin has been an integral part of the South Florida community for over 30 years with an outstanding reputation for client service and technical expertise. We look forward to welcoming Jerry Lewin and his highly regarded team to CBIZ. With the combination of Goldstein Lewin and our existing office in Boca Raton in addition to our Miami-based operations, CBIZ will be one of the largest accounting services providers in South Florida."

Commenting on becoming part of the CBIZ organization, Jerry Lewin stated, "We are very excited for our associates and our clients to take our business to the next level. We look forward to joining CBIZ and having the opportunity better serve our clients with the additional resources and expertise that the CBIZ organization can provide."

CBIZ, Inc. provides professional business services that help clients better manage their finances, employees and technology. As one of the largest benefits specialists and one of the largest accounting, valuation and medical practice management companies in the United States, CBIZ provides its clients with financial services including accounting and tax, internal audit, merger and acquisition advisory, and valuation. Employee services include group benefits, property and casualty insurance, payroll, HR consulting and wealth management. CBIZ also provides information technology, hardware and software solutions, healthcare consulting and medical practice management. These services are provided through more than 140 Company offices in 36 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.