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CBIZ Acquires Erickson, Brown & Kloster
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Subscribe08 FEB 2024 / M&A UPDATES
CBIZ, Inc., a top-tier provider of financial, insurance, and advisory services, has acquired Colorado-based tax and accounting service provider Erickson, Brown & Kloster (EBK). The merger, effective from February 1, 2024, broadens CBIZ’s service offering, extends its reach in the Colorado market, and aligns with the company's expansion goals.
CBIZ, Inc., a leading provider of financial, insurance, and advisory services, has expanded its operations by acquiring Erickson, Brown & Kloster (EBK), a tax and accounting service provider based in Colorado Springs, Colorado. The acquisition became effective on February 1, 2024.
Firm Overview
Founded in 1984, EBK has established itself as a reputable firm offering a diverse range of services, including tax preparation, accounting, and business consulting. The firm serves a varied clientele, encompassing industries such as automotive, wholesale, medical services, real estate, manufacturing, and non-profit organizations. With a team of 50 employees, EBK reported approximately $8.9 million in revenue over the past year.
Strategic Significance
This acquisition aligns with CBIZ's strategic objectives to broaden its service offerings and extend its geographical reach. By integrating EBK's expertise and client base, CBIZ aims to enhance its presence in the Colorado market, particularly in Colorado Springs and Denver. The merger is expected to create a more robust team capable of delivering comprehensive services to clients across the region.
Leadership Perspectives
Jerry Grisko, President and CEO of CBIZ, expressed enthusiasm about the merger, stating, "We’re excited to combine our current successful Denver operations with EBK to create an even stronger team to serve clients across Colorado Springs, Denver, and all of Colorado." He further emphasized the collaborative potential, noting that the two teams will work closely together for the benefit of both clients and team members.
Phil Erickson, co-managing partner of EBK, highlighted the advantages of the merger for both clients and employees, stating, "Our team of dedicated professionals now have immediate access to enhanced tools, resources, and expertise that would have taken decades of time and countless dollars for us to develop on our own."
Firm Overview
CBIZ, Inc. is a publicly traded company (NYSE: CBZ) headquartered in Cleveland, Ohio, offering a comprehensive suite of services, including accounting, tax, insurance, and advisory solutions. The firm serves a diverse clientele, ranging from small businesses to large corporations, across various industries. The acquisition of EBK is part of CBIZ's ongoing efforts to expand its national footprint and enhance its service capabilities.
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