Deerfield Beach, Fla. (Sept. 8, 2004) -- Century Business Services looks to be back on the acquisition trail, with its sights set on buying an accounting firm in South Florida.
The Cleveland-based consolidator also is interested in hiring accountants from other South Florida firms, Simon Feiglin, vice president for corporate development, told the South Florida Business Journal.
"We are talking with firms and individuals, but we cannot mention names," Feiglin told the paper. "South Florida is a large, attractive market, and among those where we would like to grow."
CBiz, one of a handful of roll-up outfits that gobbled up dozens of CPA firms in a consolidation spree in the late 1990s, slowed its buying binge in recent years to focus on integrating the companies that it acquired into its fold and on improving its balance sheet. CBiz returned to profitability last year after suffering several annual losses.
In June, CBiz acquired Brockmann, Armour & Co., a $3 million accounting firm in Denver that specializes in serving the commercial construction, homebuilding and manufacturing industries.
In Florida, Century Business' past accounting purchases included Miami-based McClain & Co. in 1998 and Boca Raton-based Schmidt, Raines, Trieste, Dickinson & Adams in 1999, which offer audit, tax and other accounting services as CBiz McClain Accounting, Tax & Advisory and CBiz Accounting, Tax & Advisory of Boca Raton.
Michael DeSiato, managing director for CBiz McClain, told the paper that CBiz has asked him and Boca Raton managing director Walter Adams to identify firms that they feel will be a good fit with their firm, according to the article.
-- WebCPA staff
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