CBIZ acquires Marks Paneth LLP for $81.25M cash plus earnout; adds $138M revenue

CBIZ, Inc.

Purchase price ~$81.25M cash at closing plus earnout up to $75.25M (cash & stock) based on performance.
Acquisition adds ~$138M annual revenue; expected to contribute $0.10 to adjusted EPS in 2022.
EBITDA margin expected 11-12% of revenue in 2022, growing to 16-18% by 2025.
Marks Paneth has over 600 team members across 7 offices; CBIZ expands into D.C. market.
Conference call on Jan 12, 2022 at 10 AM EST to discuss M&A strategy.

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