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CBIZ (CBZ) To Buy Non-Attest Assets Of PHBV Partners

 November 26, 2012 02:35 PM


(By Balaseshan) CBIZ Inc. (NYSE: CBZ), which provides professional business services, said it has agreed to buy the non-attest assets of PHBV Partners L.L.P., the government health care practice and separate legal entity of CliftonLarsonAllen, effective December 31.

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

Concurrent with this transaction, Myers and Stauffer L.C. has agreed to buy the attest business of PHBV Partners L.L.P., which is a professional consulting and accounting service provider specializing in health care compliance on behalf of federal and state government agencies.

CBIZ 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 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 about 185 employees to CBIZ.

CBIZ provides its clients with financial services including accounting, tax and consulting, internal audit, merger and acquisition advisory and valuation services. Employee services include employee benefits consulting, property and casualty insurance, retirement plan consulting, payroll, life insurance, HR consulting, and executive recruitment.

CBZ is trading up 0.90% at $5.63 on Monday. The stock has been trading between $5.07 and $6.79 for the past 52 weeks.

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