December 8, 2022


local businesses

CBIZ acquires Borden Perlman Coverage of New Jersey

CBIZ Inc. (NYSE: CBZ) has declared the acquisition of Borden Perlman Insurance Agency Inc. of Ewing, N.J., powerful Dec. 31.

Fiscal terms of the deal supporting CBIZ’s residence and casualty organization were being not disclosed.

That transaction is the previous of 7 discounts the Independence-based mostly business enterprise services organization inked in 2020 and follows an acquisition of BeyondPay Inc. of New Jersey, also built in December.

As described in a CBIZ announcement, Borden Perlman “is a fourth era loved ones-owned house and casualty insurance plan company providing liability and possibility administration, with a specialty in sports activities packages and high web-worth persons, to midmarket consumers all over the U.S. BP has 65 workers with somewhere around $16 million in once-a-year revenue.”

“We are psyched for the possibility to husband or wife with an organization with a nationwide platform that is so aligned with our have business values and culture,” explained Borden Perlman executives Doug Borden and Jeff Perlman in a assertion. “We search ahead to continuing our 100-yr custom of providing finest-in-course service whilst expanding our national achieve and protecting our neighborhood roots.”

CBIZ CEO Jerry Grisko reported in a assertion: “Our house and casualty organization is among our highest undertaking business strains, and we proceed to make strategic investments to improve our presence in rising marketplaces and add established expertise to our team. BP’s historical past of excellent consumer company, coupled with its powerful culture, created this a all-natural in shape for CBIZ, and we are fired up for the options that this acquisition provides to our put together teams and customers.”

CBIZ has been an active acquirer of complementary organizations for several years as aspect of its countrywide advancement approach. Other CBIZ acquisitions in 2020 incorporate Alliance Insurance policies Providers of Washington, D.C. Pension Dynamics Co. of Nice Hill, Calif. Sunshine Devices (payroll provider) of Massachusetts Prince-Wooden Insurance policy of Woodbridge, Va. and ARC Consulting LLC of San Francisco.

Deal stream was reasonably sturdy for CBIZ in 2020 even with a tumultuous 12 months. Executives previously disclosed in an August organization submitting that the pandemic was creating M&A a bit much more complicated, noting at the time: The significant diploma of uncertainty, coupled with the difficulties of remote perform situations, has triggered a slowdown in acquisition action as we function with probable acquisition candidates to evaluate up coming techniques. We feel that we have ample liquidity, and we imagine we are in strong money situation at June 30, 2020 nonetheless, relying upon the severity and length, the COVID-19 pandemic offers likely new dangers to our enterprise, which could have a content adverse result on our results of procedure and fiscal ailment.