US based professional business service company CBIZ has purchased the employee benefit division of Leavitt Pacific Insurance Brokers (LPIB), of Campbell, California, effective from 1 November 2012.
On completion of the transaction, the acquired business unit is expected to provide 18 employees and nearly $2.5m to CBIZ annualized revenue, and will be integrated into its existing office located in San Jose region.
CBIZ chairman and CEO Steve Gerard said the acquisition is expected to add additional depth, production, client service and leadership.
The employee benefit division was originally co-founded by Greg Yoder in 1984, and subsequently acquired by LPIB in 2007.
The division offers employee benefits, retirement plan services, as well as ancillary business support and services to small, mid-sized and large clients.
CBIZ delivers financial services including accounting, tax and consulting, internal audit, merger and acquisition advisory and valuation services.