CLEVELAND - CBIZ, Inc. (NYSE: NYSE:CBZ), a prominent provider of financial, insurance, and advisory services, has expanded its footprint with the acquisition of Erickson, Brown & Kloster, LLC (EBK), a tax and accounting service provider based in Colorado Springs, CO. The acquisition, which became effective on February 1, 2024, is expected to strengthen CBIZ's presence in the Colorado area, particularly when combined with its existing operations in Denver.
EBK, established in 1984, has a track record of serving various sectors, including automotive, wholesale, medical services, real estate, manufacturing, and non-profit organizations. The firm's team consists of 50 employees and has generated approximately $8.9 million in revenue over the past year.
Jerry Grisko, President and CEO of CBIZ, expressed enthusiasm about the merger, highlighting the enhanced service capabilities that the combined teams will offer to clients throughout Colorado. Grisko also welcomed Phil Erickson, Jeff Rosacker, and the entire EBK team to CBIZ.
Phil Erickson, Co-Managing Partner of EBK, shared his optimism, noting that the merger with CBIZ will provide their clients with greater value and their professionals with access to advanced tools and resources. Erickson emphasized the opportunity to continue serving the community that EBK has supported for generations.
Concurrently, Mayer Hoffman McCann P.C., an independent CPA firm that collaborates closely with CBIZ, announced the acquisition of the attest assets of EBK, further cementing the relationship between the two entities.
This strategic move is part of CBIZ's ongoing efforts to expand its services across the United States. With over 120 offices in 33 states, CBIZ is one of the largest accounting and insurance brokerage providers in the country.
The acquisition is subject to the usual risks and uncertainties that come with such business transactions. CBIZ has acknowledged these risks, including the possibility that the anticipated benefits of the acquisition may not fully materialize. The company's growth management and the impact of external factors such as COVID-19 and regulatory changes are also considered potential challenges.
The information in this article is based on a press release statement from CBIZ, Inc.
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