CBIZ Acquires California Firm, Nation Smith Hermes Diamond
CBIZ (Century Business Services, Inc.) last week announced the acquisition of Nation Smith Hermes Diamond of San Diego, California, effective January 1, 2005.
Founded in 1966, Nation Smith Hermes Diamond is the largest locally-owned accounting and consulting firm in the San Diego market, offering a full range of tax, IT consulting, strategic planning, family wealth planning and other services to public and growing middle market companies and their owners. Nation Smith Hermes Diamond employs approximately 95 people and recorded approximately $11.9 million in revenue for the past twelve months.
"We are very pleased to have a premier firm such as Nation Smith Hermes Diamond join CBIZ," stated Steven L. Gerard, CBIZ's Chairman and CEO. "With this acquisition, we will greatly expand our clients' opportunities in the San Diego market where we already have a strong benefits and insurance presence," Gerard concluded.
Including Nation Smith Hermes Diamond, CBIZ has completed five acquisitions during the past eight months which are expected to add approximately $22.0 million to CBIZ's annualized revenue. Most recently, CBIZ acquired Gallery Asset Management, a registered investment advisor in Cleveland, Ohio; benefits and brokerage firm, HDR Benefit Advisors in Owing Mills, Maryland; The Cleveland Solutions Group, a leading voice-over-IP solutions provider in Cleveland, Ohio; and Brockmann, Armour & Co, a 45 year-old accounting firm in Denver, Colorado.
Paul Nation, managing director of Nation Smith Hermes Diamond stated, "By joining CBIZ we can offer a wider range of services and solutions to help our clients be more profitable. We are looking forward to the expanded opportunities for our clients as well as our employees."