Century Business Services, Inc., Closes Four Acquisitions Plus Two Tuck-In Acquisitions Adding $20 Million in Annualized Revenue
CLEVELAND, Dec. 3 /PRNewswire/ -- Century Business Services, Inc. (Nasdaq: CBIZ - news; ''Century''), the nation's fastest emerging outsourced business services company, today announced that it has completed the acquisition of four business services companies and two tuck-in acquisitions. The acquisitions include: San Diego, California-based Norman Barken Associates; Devon Tax Group, which operates in San Francisco and Los Angeles, California, and San Antonio, Texas; McClain & Company, LLP, based in Miami, Florida; Poppe, Taylor & Clark, based in Kansas City, Missouri; and the tuck-in acquisitions of David & Samson, based in Fairfax, Virginia (Washington, D.C.); and Smoll & Banning, based in Dodge City, Kansas. Together, the firms add more than $20 million in historical revenue to Century's annualized revenue run rate, bringing the Company's annualized revenue run rate, including all closed acquisitions, to approximately $435 million.
''Each of the firms announced today has an impressive track record,'' commented Michael G. DeGroote, Century's President and Chief Executive Officer, ''and all are a good fit with Century's nationwide practices.''
To complement the service offerings of its benefits and accounting services divisions, Century acquired San Diego-based Norman Barken Associates, a life insurance marketing group specializing in special-risk products. Founded in 1972, Norman Barken has become the nation's preeminent life insurance distribution company addressing the needs of the high net worth and special-risk markets.
Norman Barken, Chief Executive Officer of Norman Barken Associates, commented, ''Our close attention to the niches we serve has helped us ensure customer loyalty and favorable results. By placing our operations in the context of Century's broad offering, including accounting services, we gain access to one of the nation's fastest growing 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.''
Founded in 1961, Devon Tax Group provides property tax management services to a diverse group of business clients through its proprietary systems and property tax services, including analysis, compliance, valuation, payment services, and consulting.
''Our objective of providing high quality services to our clients is vastly enhanced by our affiliation with Century Business Services,'' stated Bill Gochnauer, President of Devon Tax Group. ''By joining Century, we add substantial resources to assist our existing clients in achieving their goals and significantly expand our base of potential clients.''
Century's accounting, advisory and tax services capabilities in Florida are enhanced with the addition of McClain & Company, LLP, and its affiliate, Information Technology Advisors & Consultants, LC, to its network of member companies. One of Miami, Florida's oldest full-service accounting, advisory and tax entities, McClain works with more than 1,200 clients, providing tax planning and consulting, litigation support, business valuation, and information technology consulting services.
''We are very pleased to have joined forces with Century,'' commented Michael DeSiato, managing partner of McClain & Company. ''The growth of small businesses in America has been accompanied by phenomenal growth in the number and types of advisory services that these businesses need in order to remain competitive. With Century, we are much better equipped to become a one-stop resource for our clients.''
Founded in 1978, Poppe, Taylor & Clark, based in Kansas City, Missouri, is a full-service accounting, advisory and tax company providing tax compliance, business consulting and strategic planning services. Poppe, Taylor & Clark serves a base of more than 750 clients.
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 160 Company offices in 35 states, as well as through its subsidiary, Century Small Business Solutions, a franchisor of accounting services with 650 franchisee offices in 47 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 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 possibility 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. |
