CBIZ, Inc., a leading provider of financial, insurance and advisory services headquartered in Cleveland, announced the acquisition of Middle Market Advisory Group from Richey May & Co. of Englewood, Colo., effective Jan. 1. This follows the acquisition of Borden Perlman Insurance Agency, Inc. of Ewing, N.J., effective Dec. 31, 2020, the Cleveland Jewish News previously reported.
CBIZ also announced its private equity consulting practice CBIZ CMF will be rebranded as CBIZ Private Equity Advisory.
Middle Market Advisory Group provides tax compliance and consulting services to middle market companies and family groups in the real estate, automotive, technology and SAAS, construction, and manufacturing industries. It has 26 employees and approximately $3.6 million in annual revenue.
“We are excited to have the team at MMA join our rapidly growing Colorado practice,” Jerry Grisko, president and CEO of CBIZ, said in a news release. “This talented group of professionals brings important capacity to our existing team of exceptional tax practitioners and adds to our expertise in a number of very attractive industries.
“The MMA group established its reputation through exemplary client service specifically for middle market businesses and high net worth individuals. With expanded services and capacity, our combined team is poised to bring even deeper expertise and a broader array of services to support the needs of our clients.”
Jason Yetter, managing partner of RMC, said in the release, “With a seamless integration into CBIZ, our mid-market tax clients will have access to the services and expertise they need to grow their businesses along with the resources of a national company. We will continue to build on our roots in financial services and other industry niches. This is a perfect strategic fit for both Richey May and CBIZ.”
CBIZ Private Equity Advisory’s services divide into two areas: deal advisory and performance management and improvement. Deal advisory services range from transaction due diligence to integration planning and execution; performance management and improvement services span from business process assessment and optimization to enterprise resource planning transformation and technology strategy, according to a news release.
“Private equity is in our DNA; it’s at the core of everything we do,” Seth Goldblum, senior managing director for CBIZ Private Equity Advisory, said in a news release. “Transitioning our name to CBIZ Private Equity Advisory reinforces our commitment to the private equity market and reflects our position as the preeminent provider of solutions to middle-market private equity firms and their portfolio companies.”
CBIZ acquired CBIZ CMF in 2017 when it was known as CMF Associates. Upon combining CMF with CBIZ’s existing private equity practice, as well as with Laurus Transaction Advisors that CBIZ acquired in 2018, the private equity consulting practice has grown its revenue by over 100% in the last three years. CBIZ Private Equity Advisory has supported more than 300 private equity firms and over 1,500 portfolio companies across North America. Over 100 professionals make up the advisory practice with locations spanning the nation, the release said.
“Our team possesses an intimate understanding of private equity firm transactions and the nuanced relationship between private equity funds and their portfolio companies,” Goldblum said. “Now, our name will reflect this unparalleled level of expertise as we continue to grow and find unique solutions for private equity firms in today’s rapidly evolving marketplace.”
Founded more than 100 years ago, Borden Perlman Insurance Agency is a fourth-generation family-owned property and casualty insurance agency providing liability and risk management, with a specialty in sports programs and high-net-worth individuals, to mid-market clients throughout the United States. BP has 65 employees with approximately $16 million in annual revenue.