Public Accounting Report (PAR) recently reported that a "for sale" sign stands on the front lawn of Century Business Services, the largest consolidator of accounting services in the tax and business services model. Michael DeGroote, chair and CEO of Century Business Services (commonly known as CBIZ), was quoted as saying, "We should examine all of our options to increase shareholder value."
CBIZ has acquired more than 60 CPA firms, with pro forma total revenues in the $450 million range. PAR speculated that if a sale took place it would involve a newcomer to the consolidation neighborhood, such as a bank or brokerage firm.
In the meantime, word is out that the long-delayed roll-up and public offering of Centerprise Advisors has been withdrawn due to market conditions. Headed by Robert Basten, former president of American Express Tax & Business Services, Centerprise finally obtained the necessary clearance from the SEC only to find the market not to its liking. The poor performance of CBIZ stock may not have helped. *
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