Century Business Services, Inc., Announces the Acquisition of Four Additional Companies, Plus Two Tuck-In Businesses Adding More Than $20 Million in Annualized Revenue
Century Also Closes Six Previously Announced Acquisitions Acquisitions Include Five Accounting Services Companies
CLEVELAND, Oct. 13 /PRNewswire/ -- Century Business Services, Inc. (Nasdaq: CBIZ - news; ''Century''), the nation's fastest emerging outsourced business services company, today announced the acquisition of four companies, plus two tuck-in businesses. The acquisitions include the accounting, advisory, and tax companies Shilling & Kenyon, Inc., and its related business, SK Consulting, based in San Jose, California; William Vaughan Company, located in Maumee, Ohio (Toledo); Hellam Varon & Company, Inc., based in Bellevue, Washington (Seattle); and AVTAX, Inc., a valuation firm headquartered in Dallas, Texas. Century also announced the tuck-in acquisitions of two accounting, advisory, and tax entities: David & Samson, based in Fairfax, Virginia (Washington, D.C.), and Wolowicki and Associates, based in Inverness, Illinois (Chicago).
The proposed acquisitions, which are expected to close in the fourth quarter, are subject to further due diligence and definitive agreements. Including today's announced acquisitions, in the last thirty days Century has announced a total of ten acquisitions, plus eight tuck-in acquisitions, which are expected to add more than $60 million in annualized revenue if and when closed. During the same thirty-day period, Century closed nine acquisitions plus eight tuck-in acquisitions, representing over $72 million in annualized revenue.
Century's internal growth is continuing to increase with the initiation over the last few months of cross-marketing programs throughout a substantial number of its 145 offices and 650 franchise offices across the United States. These programs have expanded the range of services and products offered by the Company in the rapidly growing professional outsourcing service sector to its small and mid-size business clients.
Commenting on the acquisitions, Michael G. DeGroote, Century's Chairman and Chief Executive Officer, stated, ''We are off to a very positive start for the final quarter of the year, as today's announced acquisitions strengthen several of Century's business lines and fortify Century's current operations in key geographic locations across the United States.''
One of the largest independent accounting firms in the Silicon Valley, Shilling & Kenyon, Inc. was formed in 1982 to focus on the needs of closely held companies. Following a partnership philosophy with its clients to help ensure their success, Shilling & Kenyon takes a multi-disciplinary approach to professional outsourced business services. Among Shilling & Kenyon's offerings are forecasting and budgeting assistance, tax strategizing, succession planning, litigation support, negotiations, computer control review, and business goal setting. Shilling & Kenyon provides clients with additional support through its affiliate, SK Consulting, which offers a wide array of services, including information system design, upgrades, implementation and support, human resources assessment, employee relations management, hiring and retention services, marketing assessment and planning, and organizational development analysis and planning.
''A top priority for Shilling & Kenyon has been helping clients grow,'' stated Cindy Kenyon, a founding partner of Shilling & Kenyon. ''What makes Century such a complementary partner for Shilling & Kenyon is the broad national exposure it enables us to offer our clients. Now, with the Century network behind them, our customers can be assured of the highest quality standard of business services wherever they grow.''
Century's acquisition of Maumee, Ohio-based William Vaughan Company extends Century's presence in northwest Ohio. With business service offerings ranging from budgeting and forecasting, cash flow analysis, tax research and preparation, business valuation and planning, human resources services, and operational consulting, William Vaughan Company is a full-service partner for clients from a wide range of industries.
William J. Horst, a managing partner of William Vaughan Company, commented, ''Our close attention to customer needs has helped us ensure satisfied clients and profitable results. By placing our strengths within the larger context of Century's broad offering, we gain access to additional promising marketing channels. We expect to use this advantage to grow at an even faster rate than what we have enjoyed for the past several years.''
The Dallas-based valuation firm AVTAX, Inc. supplements Century's valuation services, with offices in several locations across the country. Founded in 1981, AVTAX is recognized today as one of the national leaders in providing ad valorem (value-based) tax consulting and compliance services. Serving a variety of clients and industries, AVTAX services include property and asset inspection and valuation, appeals, and tax budgeting. AVTAX operates offices in Atlanta, Chicago, Dallas, Denver, Detroit, Houston, Tulsa, and Sacramento, California.
Paul Hawn, principal and co-founder of AVTAX, stated, ''For more than 20 years, AVTAX has shown clients the value of outsourcing non-core functions, a value which is reflected on the client's bottom line. The combination of AVTAX and Century holds the potential to multiply this value for clients several times over.''
Hellam Varon & Company, Inc., an accounting, advisory, and tax consulting company located in Bellevue, Washington (Seattle), marks Century's third accounting acquisition in the state of Washington. Specializing in accounting services for manufacturing, construction, and distribution companies, Hellam Varon's client base also encompasses firms from the high-technology, professional services, not-for-profit, and retail industries. Founded in 1981, Hellam Varon's growth has been driven by the company's reputation for attentive, personalized service. Among the services Hellam Varon offers are tax planning and preparation, budgeting, cash flow management, strategic planning, and accounting system design and implementation.
''Our affiliation with Century will allow us to meet the increasing needs of our clients,'' commented Steve Varon, a founding partner of Hellam Varon. ''We believe the additional resources provided by Century's group of companies will complement the services we currently provide our clients.''
Century also announced the tuck-in acquisitions of David & Samson, an accounting, tax, and consulting entity based in Fairfax, Virginia (Washington, D.C.); and Wolowicki and Associates, an accounting, tax, and consulting entity located in Inverness, Illinois (Chicago). Wolowicki and Associates will be tucked in to Century's Rootberg Business Services subsidiary, which operates in Chicago.
Century announced the closing of six previously announced acquisitions, including two tuck-in acquisitions. The acquisitions include: the accounting, advisory, and tax companies Beatty, Satchell & Company, LLC, based in Easton and Denton, Maryland; Regan, Russell, Schickner & Shah, P.A., located in Columbia, Maryland and Alexandria, Virginia; Meeks, Ross, Paulk & Associates, P.A., located in Jacksonville, Florida; and the Cumberland, Maryland-based benefits and business services firm, BGS&G Companies. Century also completed the tuck-in acquisitions of Poore, Dameron & Associates, Chartered, based in Wichita, Kansas, and Gottschalk & Company, Chartered, located in Belleville, Kansas.
Century Business Services, Inc. is a leading provider of outsourced business services to small and medium-sized companies throughout the United States. The Company provides integrated services in the following areas: accounting systems, advisory and tax; benefits design and administration; human resources; information technology systems; payroll administration; specialty insurance; valuation; and workers' compensation. These services are provided throughout a network of more than 145 Company offices in 29 states, as well as through its subsidiary, Century Small Business Solutions, a franchisor of accounting services with 650 franchisee offices in 47 states. The Company services approximately 102,000 clients, of which approximately 54,000 are serviced through the Century Small Business Solutions franchisee network. Management estimates that its clients employ over one million employees including 400,000 employed by clients of the Century Small Business Solutions network.
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 integrate its newly acquired operations effectively with its existing businesses; the Company's ability to locate and acquire other businesses in furtherance of its aggressive growth strategy; the Company's ability to adequately estimate its liability reserves for its insurance businesses; the lack of market reverses in its investment portfolios; competitive pricing pressures; general business and economic conditions; and changes in governmental regulation affecting its insurance business or tax law changes affecting its business services operations, which are described in further detail in the Company's filings with the Securities and Exchange Commission.
For further information regarding Century Business Services, Inc., call our Investor Relations Office at 216-447-9000.
SOURCE: Century Business Services, Inc. |
