CLEVELAND, July 2, 2012 /PRNewswire/ -- CBIZ, Inc. (NYSE: CBZ) today announced that it has acquired the assets of Stoltz and Company, LTD., L.L.P., of Midland, Texas, effective July 1, 2012.
With operations in Midland, San Antonio and Amarillo, Texas, Stoltz and Company was founded by Mark A. Stoltz in 1990. Stoltz and Company is an established southwest regional insurance broker specializing in multiple insurance products and services including property and casualty insurance, personal lines and employee benefits, and specializes in oil and gas related risk management. The acquisition of Stoltz and Company will add 13 employees and is expected to add $3.2 million in annualized revenue to CBIZ.
Steven L. Gerard, CBIZ Chairman and CEO, stated, "The acquisition of Stoltz and Company is an important step in building out our national property and casualty footprint as well as expanding our presence in both the captive risk and energy markets. Mark and his group have an excellent reputation in the southwest and we look forward to growing our business together. We are particularly eager to provide property and casualty products to our clients in this region."
Mark A. Stoltz stated, "We are excited about the privilege to join with the world class CBIZ organization. Joining CBIZ will allow us to take our business to the next professional level along with allowing us to expand our national energy practice. With the new CBIZ partnership our clients will continue to come first while receiving the additional resources and expertise offered by CBIZ."CBIZ, Inc. provides professional business services that help clients better manage their finances and employees. CBIZ provides its clients with financial services including accounting, tax and consulting, internal audit, merger and acquisition advisory and valuation services. Employee services include employee benefits consulting, property and casualty insurance, retirement plan consulting, payroll, life insurance, HR consulting, and executive recruitment. CBIZ also provides outsourced technology staffing and support services, real estate consulting services, healthcare consulting, and medical practice management. As one of the largest benefits specialists and one of the largest accounting, valuation, and medical practice management companies in the United States, the Company's services are provided through more than 130 Company offices in 37 states. Forward-looking statements in this release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those projected. Such risks and uncertainties include, but are not limited to, the Company's ability to adequately manage its growth; the Company's dependence on the current trend of outsourcing business services; the Company's dependence on the services of its CEO and other key employees; competitive pricing pressures; general business and economic conditions; and changes in governmental regulation and tax laws affecting its insurance business or its business services operations. A more detailed description of such risks and uncertainties may be found in the Company's filings with the Securities and Exchange Commission.
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