CLEVELAND, Oct. 2, 2012 /PRNewswire/ -- CBIZ, Inc. (NYSE: CBZ) today announced that it has signed a definitive agreement to acquire Strategic Employee Benefit Services - The Pruett Group, Inc. ("SEBS-Pruett") of Nashville, Tennessee, effective October 1, 2012.
Founded in 1984, SEBS-Pruett is an employee benefit and consulting firm providing mid-sized businesses with group health insurance located in Nashville, Tennessee, with additional offices in Chattanooga, Johnson City and Knoxville. The SEBS-Pruett acquisition is expected to add 36 employees and approximately $5.1 million to CBIZ annualized revenue.
On joining CBIZ, Ken Rideout, who was appointed President, CBIZ Nashville Benefit & Insurance Services, stated, "We are very excited to join the CBIZ organization. This new partnership will allow us to continue to focus on the needs of our existing clients while expanding our capabilities and services. Joining a world class organization such as CBIZ provides us with resources and stability in the face of our rapidly changing industry."
Steven L. Gerard, CBIZ Chairman and CEO, stated, "We are very pleased to add SEBS-Pruett to our growing employee services business. Under the leadership of Ken Rideout, we expect to expand our market penetration in this geographic area and provide our existing and future clients with a more comprehensive array of professional products and services."
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 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. CBIZ also provides outsourced technology staffing and support services, real estate consulting services, healthcare consulting, and medical practice management. As one of the largest benefits specialists and one of the largest accounting, valuation, and medical practice management companies in the United States, the Company's services are provided through more than 130 Company offices in 37 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 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 its 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.