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Deal Expands CBIZ Baltimore Operations

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NU Online News Service, Oct. 12, 2004, 2:39 p.m. EDT

Century Business Services Inc., Cleveland, has acquired HDR Benefit Advisors, Owing Mills, Md.[@@]

Century Business, better known as CBIZ, sells benefits services, accounting services and other services to small and midsize businesses.

HDR is a 6-year-old benefits brokerage and consulting firm that sells retirement services as well as health coverage. It has about 10 employees and generates about $2 million in annual revenue, CBIZ says.

The price of the HDR deal was not immediately available. CBIZ says it will be folding HDR into its CBIZ Benefits & Insurance Services of Maryland division.

CBIZ is acquiring HDR to expand its presence in the Baltimore area, according to CBIZ Chairman Steven Gerard.