Burr Pilger Mayer Inc. has reached an agreement in principle to acquire the San Jose accounting and tax operations of CBIZ Inc.
The transaction is subject to the successful completion of due diligence, legal documentation and corporate approvals by publicly traded CBIZ. Financial terms of the deal were not disclosed. CBIZ operates in an alternative practice structure with the auditing firm Mayer Hoffman McCann.
CBIZ MHM ranked 8th on Accounting Today’s 2011 list of the Top 100 Firms, with close to $600 million in annual revenue. BPM ranked 44th on the list, with $64.38 million in revenue.
The acquisition will help BPM strengthen its presence in the South Bay area, where it already has offices in San Jose and Palo Alto. Headquartered in San Francisco, BPM provides services in the areas of assurance, corporate and international tax, individual tax, business consulting and wealth management.
“This acquisition will enhance our ability to serve our current South Bay clients, and give us an opportunity to continue to meet the needs of CBIZ’s clients,” said BPM CEO Steve Mayer in a statement Thursday.
Mike Spence will be the partner-in-charge of the BPM San Jose office. “The CBIZ accounting and tax team is a great group of professionals who will further expand our ability to serve clients in the San Jose area,” he said.
CBIZ’s San Jose accounting and tax staff will move into BPM’s San Jose office—one of BPM’s six offices around the Bay Area. CBIZ will maintain its San Jose office for other services, such as employee benefits consulting and property and casualty insurance.
“Together, this will be a great fit,” said Jim Babcock, the managing director of CBIZ in San Jose.
