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Century Business Services Closes Six Acquisitions and Four Tuck-In Acquisitions Adding More Than $22 Million in Annualized Revenue
CLEVELAND, Aug. 19 /CNW/ -- Century Business Services, Inc.
(Nasdaq: CBIZ) ("CBIZ"), the nation's fastest emerging outsourced business
services company, today announced the acquisition of six business services
companies and four tuck-in acquisitions. CBIZ's benefits and insurance
services acquisitions include CMG Consulting, Inc., located in San Jose,
California; Gordon Zucarelli & Handley Insurance, of Tucson, Arizona; and the
tuck-in acquisitions of GS&A Insurance Professionals, located in Omaha,
Nebraska; Orlando, Florida-based Broker Benefit Consultants, Inc.; and Dublin,
Ohio-based Employee Benefits Specialists, Inc. CBIZ's accounting, advisory,
tax, and valuation services acquisitions include Halbert, Katz & Co., of
Philadelphia, Pennsylvania; Lake & Associates of Englewood, Colorado (Denver);
Karling & Associates, of San Ramon, California (San Francisco); and the
tuck-in acquisition of Philip-Rae & Company, located in Naperville, Illinois
(Chicago). CBIZ also completed the acquisition of the performance consulting
firm Competitive Technologies International, Inc., of Rockledge, Florida. The
acquisitions add to CBIZ more than $22 million in historical annual revenue.
( Photo: newscom.com )
"We are very pleased to welcome these latest acquisitions to CBIZ,"
commented Michael G. DeGroote, CBIZ's Chairman and Chief Executive Officer.
"The variety of services added to CBIZ in this latest round of acquisitions
strengthens the wide range of capabilities we offer our clients, and because
CBIZ acquires business service companies that will be accretive to earnings,
we get stronger with every firm we add to the CBIZ network."
The addition of CMG Consulting, Inc., strengthens CBIZ's benefits service
capabilities in San Jose and establishes a benefits office in CBIZ's current
service platform in Englewood, Colorado (Denver). Offering medical, dental,
and voluntary group benefits; flexible spending; COBRA administration;
executive benefits; and pension plan administration, CMG thoroughly educates
its clients' employees on benefits and their value as part of an employee's
total compensation package. CMG also offers estate and individual tax and
financial planning services.
"The economies of scale that are present when it comes to benefits
administration are exceptional," stated David Moreland, Chief Executive
Officer of CMG Consulting. "Joining CBIZ and its network of service
providers, including other benefits firms, gives us the opportunity to share
expertise and gain purchasing power, which, in turn, will allow all of CBIZ's
clients to economically offer competitive benefits packages and enable them to
compete with America's largest corporations when recruiting employees."
Gordon Zucarelli & Handley Insurance, a full-service insurance and
benefits consulting firm located in Tucson, Arizona, extends CBIZ's services
offerings in Arizona beyond the Phoenix market. Founded in 1976, Gordon
Zucarelli & Handley sells individual and group health, dental, life, and
long-term disability insurance products. Gordon Zucarelli & Handley also
provides a wide array of benefits plans and services to its clients, including
retirement and investment planning, voluntary employee plans, executive
benefit plans, and business agreement implementation services.
"We are very excited about all of the new opportunities CBIZ offers us,"
commented Paul Zucarelli, President of Gordon Zucarelli & Handley Insurance.
"Getting inside the CBIZ network expands our opportunities, including giving
us immediate access to Century's license status nationwide, which will allow
us to enlarge our revenue base and better meet growing client demand."
Founded in 1982, accounting, tax, and advisory company, Halbert,
Katz & Co. goes beyond the traditional accounting services of financial
statement preparation and tax returns. With a service offering that
encompasses business and financial planning and management consulting,
including estate planning, executive compensation, merger and acquisition
analysis, budgeting, cost reduction, and inventory valuation, Halbert, Katz
provides creative, comprehensive service to its customers. Halbert, Katz
prides itself on its high partner-to-professional staff ratio and its superior
retention rate of clients, which are located in more than 25 states and
represent a wide array of industries. Halbert, Katz's Philadelphia location
further strengthens CBIZ's Philadelphia BIZ Center, which is now eight CBIZ
member firms strong.
"We have always taken a comprehensive approach to our clients' businesses,
and that is what CBIZ is doing on a much grander scale," stated Jerry M. Katz,
managing partner of Halbert, Katz & Co. "With the expertise, product, and
service capabilities of CBIZ's nationwide network of member firms, we are
further distinguishing ourselves from our competition and improving our
ability to serve our clients creatively and completely."
The addition of the accounting company Lake & Associates enhances CBIZ's
Colorado BIZ Center. Based in Englewood (Denver), Lake & Associates gains a
comprehensive understanding of a client's business operations and objectives
before designing and implementing effective strategies in the areas of tax
compliance and consulting, financial planning, and business planning.
Specializing in financial planning, Lake & Associates' services include
compensation planning, employee benefit planning, income recognition
strategies, and assistance with business acquisitions, mergers, and
dispositions.
"The CBIZ vision to free the business executive from administrative
burdens so that all of his or her efforts can focus on enhancing core
competencies is very exciting," stated Steven A. Lake, founding principal of
Lake & Associates. "We joined CBIZ because we want to play a key role in this
revolutionary concept, which is quickly becoming a reality through CBIZ."
Karling & Associates, located in San Ramon, California (San Francisco) is
an accounting and consulting company founded with the vision of providing
specialized and experienced accounting and advisory services to healthcare
providers. With a staff comprised of both industry-trained accounting and
financial personnel and associates who have a more traditional accounting
background, Karling & Associates brings a thorough background and valuable
insight to its client relationships. Within the healthcare industry, Karling
& Associates specializes in serving managed care organizations such as
independent practice associations (IPAs), physician groups, hospitals, and
hospital-related entities. Clients include several publicly held healthcare
organizations that are industry leaders as well as two of the largest city and
county-owned hospitals in the country.
"CBIZ provides us with a national platform and resources for our niche
within the healthcare industry and enhances our ability to attract top
talent," commented Jim Karling, managing partner of Karling & Associates.
"The additional products and services CBIZ offers will also have tremendous
advantages for our clients and help propel our future growth."
Rockledge, Florida-based Competitive Technologies International, Inc.
(CTI) enhances CBIZ's existing accounting, benefits, consulting, and insurance
services platform in Florida. A performance consulting firm dedicated to
helping business clients exceed their operational objectives and improve
company performance, CTI's services include strategic planning, process
management, leadership effectiveness, team skill building, facilitator
training, benchmarking, and Baldrige-based assessments. CTI's client base,
which is located throughout the U.S. and concentrated in Florida and the
Northeast, consists of clients from the financial services,
telecommunications, public utilities, health care, and manufacturing
industries.
"Joining the CBIZ performance consulting operations enhances our ability
to bring our unique services to America's mid-sized businesses," stated Bob
Seemer, founder and President of CTI. "The shared knowledge base and
resources that are available through the CBIZ network will be an important
part of our growth strategy going forward."
CBIZ's tuck-in acquisitions include Broker Benefit Consultants, Inc.; GS&A
Insurance Professionals; Employee Benefits Specialists, Inc.; and Philip-Rae &
Company. A benefits consulting firm primarily serving the healthcare
industry, Broker Benefit Consultants, Inc. is CBIZ's third business services
firm located in Orlando, Florida, and will tuck in to CBIZ member company,
Corporate Benefits, Inc. GS&A Insurance Professionals, founded in 1975, is a
benefits consulting firm that will tuck in to The Grant Nelson Group, a CBIZ
benefits and insurance services firm. Employee Benefits Specialists, Inc. is
a Dublin, Ohio (Columbus)-based firm specializing in healthcare benefits that
will tuck in to CBIZ member company, The Benefits Group (TBG). Accounting,
advisory, and tax entity Philip-Rae & Company marks the seventh CBIZ member
company to join CBIZ's Chicago BIZ Center.
Recently ranked the seventh-largest accounting company in the country by
Accounting Today magazine, 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, advisory, tax, and valuation; benefits
administration and insurance; human resources and payroll; performance
consulting; specialty insurance; and information technology through its CBIZ
Interactive division. These services are provided throughout a network of
more than 200 Company offices in 37 states, as well as through its subsidiary,
Century Small Business Solutions, a franchisor of accounting services with
650 offices in 47 states. The Company services approximately 110,000 business
clients, of which approximately 54,000 are serviced through the Century Small
Business Solutions network. Management estimates that its clients employ more
than 2.4 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 acquire and finance additional businesses; 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; the Company's ability to adequately estimate its
liability reserves for its insurance businesses; the possibility of market
reverses in its investment portfolios; 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 website at www.cbiz.com . To receive CBIZ
press releases via e-mail please write to pressreleasecbiz.com .
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