In a massive deal to kick off 2022, Cleveland-based IPA 100 firm CBIZ (FY20 net revenue of $824.7 million) has acquired the non-attest assets of New York-based IPA 100 firm Marks Paneth LLP (FY20 net revenue of $143.4 million).
With offices up and down the East Coast and a team of more than 600 team members, Marks Paneth provides accounting, tax and consulting services to a wide range of industries, including real estate, construction, hospitality/restaurants, non-profits, government, health care, manufacturing, wholesale and distribution, theater, media and entertainment.
“The New York metro area, Philadelphia and Boca Raton, Florida, continue to be important markets for CBIZ and we are delighted to be adding Washington, D.C., to our national footprint for financial services,” says CBIZ president and CEO Jerry Grisko. “We are also excited about the enhanced value that we can now provide to our collective clients through an expanded breadth of services and depth of expertise. The addition of Marks Paneth creates scale to better serve a number of very attractive industries nationwide, including the real estate and not-for-profit industries.”
“Joining CBIZ provides us with an excellent opportunity to leverage the diverse service offerings necessary to address the growing needs of our clients,” adds Marks Paneth MP Abe Schlisselfeld. “Our clients will have the ability to benefit from CBIZ’s team of talented professionals and the resulting synergies and entrepreneurial spirit will benefit our partners and staff with enhanced leadership and growth opportunities.”
“In this acquisition, both CBIZ and Marks Paneth found a partner with unique strengths that are complementary to each other,” says Allan Koltin, CEO of the Koltin Consulting Group, who advised both firms on the deal. “The size and scope of this combination will bring immediate value to existing clients, bolster CBIZ’s already stellar reputation and create significant opportunities for growth now and in the future.”
Concurrent with this transaction, Kansas City-based Mayer Hoffman McCann PC announced the acquisition of the attest assets of Marks Paneth.