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Fairness Opinion Detail

CBZ FOOpen source

CBIZ, Inc. to Grant Thornton Advisors LLC

Services/Jul 2026/Goldman Sachs

Deal Information

Target
CBIZ, Inc.
Acquiror
Grant Thornton Advisors LLC
Sector
Services
Target Type
Public
Acquiror Type
Strategic
Advisors
Goldman Sachs

Transaction Metrics

Enterprise Value
$5.0B
EV / LTM Sales
EV / LTM EBITDA
10.8x
EV / Fwd EBITDA

Advisor Transaction Comparables

Comparable transactions cited by the advisor, excluding the subject transaction.

Advisor: Goldman Sachs

EV/LTM EBITDA selected range: 7.4x - 16.9x

10 comps
Jun 2026Auxey Holdco LimitedKorn Ferry--11.0x-
Jan 2026PA Consulting Group LimitedJacobs Solutions Inc.--13.0x-
Oct 2025Heidrick & Struggles International, Inc.Advent International, L.P.--7.4x-
Jul 2024Marcum LLPCBIZ, Inc.--12.0x-
May 2024Perficient, Inc.EQT AB--16.9x-
Mar 2024Alight, Inc.’s Payroll & Professional Services BusinessH.I.G. Capital, LLC--10.0x-
Feb 2024Sterling Check Corp.First Advantage Corporation--11.9x-
Feb 2024HireRight Holdings CorporationGeneral Atlantic, L.P. and Stone Point Capital LLC--9.3x-
Jul 2021Oxford Global Resources, LLCH.I.G. Capital, LLC--11.2x-
Jan 2021Perspecta Inc.Peraton Inc.--10.0x-
Mean-11.3x-
Median-11.1x-

DCF Assumptions

Discount rate and terminal value assumptions the advisor selected for its discounted cash flow analysis.

Goldman Sachs

Open
WACC
9.5% – 10.5%
Terminal method
Exit multiple
Terminal assumption
8.0x – 10.0x (EV/LTM EBITDA (terminal-year adjusted EBITDA, excl. SBC add-back))
Forecast basis
CBIZ management Company Projections (approved for Goldman Sachs' use by the Board)
Forecast period
six months ending 2026-12-31 through FY2030
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