CBIZ Acquires Employee Benefits Business Of Tennessee-Based Ed Jacobs & Associates

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Jul 05, 2016, 04:15 ET

CLEVELAND, July 5, 2016 /PRNewswire/ -- CBIZ, Inc. (NYSE: CBZ) (the "Company") today announced that it has acquired the assets related to the employee benefits consulting business of Ed Jacobs & Associates, Inc. ("EJ&A"), effective July 1, 2016.

The employee benefits business of Ed Jacobs & Associates, located in Cleveland, Tennessee, and founded in 1988, has more than 150 clients, nine employees and recorded approximately $2.1 million in revenue during the past 12 months.

Andy Figlestahler, partner, EJ&A, said, "We are excited to become part of the CBIZ team. By joining forces with a leading national firm, we have enhanced our ability to serve our clients by providing them with a broader array of products and services including payroll, retirement plan services, wellness programs and pharmaceutical advisory services." Ed Jacobs, partner, EJ&A, said, "We can now bring these additional resources and offerings to our clients, while continuing to expand our local presence in Tennessee and beyond."

Jerry Grisko, president and CEO of CBIZ, said, "We welcome EJ&A's employee benefits team to CBIZ and we look forward to working with them to serve our clients and grow the business. This acquisition is a continuation of our commitment to build out a strong Employee Benefits practice that now represents over $100.0 million in revenue for CBIZ. EJ&A's employee benefits business will be integrated into our Tennessee market that includes current operations in Nashville, Knoxville and Chattanooga, and will complement our Financial Services offerings in Memphis."

CBIZ, Inc. provides professional business services that help clients better manage their finances and employees. CBIZ provides its clients with financial services including accounting, tax, financial advisory, government health care consulting, risk advisory, real estate consulting, and valuation services. Employee services include employee benefits consulting, property and casualty insurance, retirement plan consulting, payroll, life insurance, HR consulting, and executive recruitment. As one of the largest accounting, insurance brokerage and valuation companies in the United States, the Company's services are provided through more than 100 Company offices in 33 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 adequately manage and sustain 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; competitive pricing pressures; general business and economic conditions; and changes in governmental regulation and tax laws affecting the Company's 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 web site at www.cbiz.com.

SOURCE CBIZ, Inc.