Market Overview

CBIZ Will Buy PHBV Partners; Sees Deal Adding to FY13 EPS


CBIZ, Inc. (NYSE: CBZ) today announced that it has signed a definitive agreement to acquire the non-attest assets of PHBV Partners, L.L.P., ("PHBV"), the government health care practice and separate legal entity of CliftonLarsonAllen, effective December 31, 2012, subject to customary closing conditions. 

Concurrent with this transaction, Myers and Stauffer L.C. announced it has signed a definitive agreement to acquire the attest business of PHBV Partners L.L.P.  CBIZ, Inc. maintains an administrative service agreement with Myers and Stauffer L.C. The two companies are separate and independent legal entities that have worked together since 1998 to serve clients' business needs.

PHBV is a professional consulting and accounting service provider specializing in health care compliance on behalf of federal and state government agencies.  PHBV specializes in Medicare and Medicaid contract compliance, investigative services, performance auditing, and audits of Medicare Advantage and prescription drug program.  With regional offices in Richmond, Virginia; Baltimore, Maryland; Indianapolis, Indiana; Austin, Texas; Cranford, New Jersey; and Raleigh, North Carolina, PHBV is expected to add approximately 185 employees to CBIZ.

This transaction is expected to add approximately $30 million to CBIZ revenue and approximately $0.04 - $0.05 to diluted earnings per share in 2013.


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