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July 31, 2024

Accounting firm Marcum, with major CT presence, to be acquired in $2.3B deal 

COSTAR Marcum has its Hartford office on the 25th floor in City Place, at 185 Asylum St.
By Skyler Frazer

Accounting firm Marcum, which has multiple offices in Connecticut, is being acquired by a publicly traded financial services advisory firm in a deal worth $2.3 billion, the company announced.

CBIZ Inc., a financial, insurance and advisory services firm based in Cleveland with more than 120 offices across the country, announced Wednesday that it entered into an agreement to acquire New York-based Marcum LLP by the fourth quarter of this year. The acquisition will make CBIZ the seventh-largest accounting firm in the country with about $2.8 billion in annual revenue, the company said. CBIZ is currently the 11th-largest accounting firm and Marcum is the 13th largest.

Marcum currently has 3,500 accounting professionals across 43 offices in the U.S., including in Hartford, West Hartford, New Haven, Farmington and Greenwich.

As of the third quarter of 2023, Marcum was the seventh-largest accounting firm in Greater Hartford with 47 local CPAs and 106 total employees, according to Hartford Business Journal’s Book of Lists. It also reported 132 Connecticut CPAs and 337 total employees in the state. Marcum in January acquired Farmington-based accoutning firm Federman, Lally & Remis LLC. 

Michael Brooder

The firm’s Hartford office is led by Michael K. Brooder. 

Overall, Marcum said it serves more than 35,000 clients. Following the deal, the new combined company will have 10,000 employees and more than 135,000 clients, CBIZ President and CEO Jerry Grisko said.

“This strategic acquisition presents an incredible opportunity for CBIZ and Marcum to bring together the best talent in the industry to offer our clients an exceptional breadth of services and depth of expertise,” Marcum Chairman and CEO Jeffrey M. Weiner said in an email to clients Wednesday. “Together, we'll become the seventh-largest accounting and advisory services provider in the nation. Our combined force will deliver exceptional accounting, tax, advisory, business, and insurance services to middle-market clients and attract and retain the best and brightest talent.”

The deal’s fourth-quarter closing date is dependent on approval from CBIZ shareholders. The company will discuss the deal during an earnings conference call later Wednesday.
 

The deal comes as merger activity in the accounting industry has heated up in recent years, especially among smaller and midsize practices. 

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