CBIZ Acquires Benicor Associates
Benefits Agency Complements CBIZ Services In Mid-Atlantic Market
Founded in 1981, Benicor Associates provides benefits services including group insurance, benefits administration and outsourcing, COBRA and flexible spending (Section 125) administration, executive benefits, and retirement planning. Benicor's diverse client base includes law firms, government contractors, high-tech companies, non-profit organizations, retailers, and service providers. Benicor employs approximately 45 people and recorded approximately $5.7 million in annual revenue for the last 12 months.
The acquisition further strengthens CBIZ's already strong presence in the mid-Atlantic market. The Company's seven regional offices in the Baltimore/Washington market employ nearly 700 people, approximately 200 of whom work in the benefits and insurance group. Including the results of its Philadelphia offices, which employ nearly 250, CBIZ's mid-Atlantic market accounted for 14% of the Company's 2001 annual revenue of $527 million.
"CBIZ's client base and office network of service providers is an excellent environment in which our business and our employees will thrive," commented Christopher Niceley, president of Benicor Associates, Inc. "We have been impressed with caliber of professionals at CBIZ and are looking forward to joining the CBIZ team."
"Benicor's book of business in group insurance and benefits consulting, and particularly in the COBRA and Section 125 arena, fits strategically into our mid-Atlantic market," stated Steven L. Gerard, chief executive office of CBIZ. "Their strong capabilities augment our current services, allowing us to meet our client's needs more completely and furthering our strategy of providing an array of outsourced business services to clients. Chris and his staff are professional, experienced, and well-respected in their field, and we are very pleased to welcome them to CBIZ."
Business Management Group, a subsidiary of The Hartford Financial Services Group (NYSE: HIG), served as advisor to CBIZ to the acquisition.
Century Business Services, Inc., is a provider of outsourced business services to small and medium-sized companies throughout the United States. As the largest benefits specialist, the eighth largest accounting company, and one of the ten largest valuation and medical practice management companies in the United States, CBIZ provides integrated services in the following areas: accounting and tax; employee benefits; wealth management; property and casualty insurance; payroll; IS consulting; and HR consulting. CBIZ also provides valuation; litigation advisory; government relations; commercial real estate; wholesale insurance; healthcare consulting; medical practice management; worksite marketing; and capital advisory services. These services are provided throughout a network of more than 200 Company offices in 33 states, the District of Columbia, and Toronto, Canada.