PRESS RELEASE - JULY 7, 2026
Reference Equity Calls on CBIZ to Suspend Share Repurchases and Restart Its M&A Strategy
Shareholder urges CBIZ (NYSE: CBZ) to return to the acquisition playbook that drove a decade of value creation; releases letter and accompanying presentation, Restarting the M&A Flywheel
DENVER--(BUSINESS WIRE)—July 7, 2026--Reference Equity, a long-only, long-term investor and shareholder of CBIZ, Inc. (NYSE: CBZ), today released a letter and presentation delivered to the Company's Board of Directors and management calling on CBIZ to change its capital allocation strategy.
Reference Equity believes in CBIZ's business model, culture, and management, but that the Company can do more to protect and grow shareholder value.
To maximize shareholder value over the long-term, Reference Equity urges CBIZ to:
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Suspend share repurchases. While Reference Equity agrees that CBIZ shares are undervalued, it argues that repurchases are not certain to create value, expose earnings to interest-rate risk, and weaken the Company's competitive position by leaving its balance sheet overleveraged.
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Deploy capital through M&A, funded with equity. Reference Equity contends that using equity to finance near-term acquisitions would allow CBIZ to return to growth while simultaneously deleveraging, re-establishing the Company as the acquirer of choice in a consolidating market.
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Reposition for the next decade. Reference Equity argues that restoring access to equity capital, investing in AI, and funding an active M&A program will create a path for CBIZ to challenge the "Big 4" by 2035.
"CBIZ’s industry is in turmoil due to disruption from artificial intelligence. This disruption will result in additional technology investment, for scaled players, and accelerated industry consolidation for smaller competitors. CBIZ has the corporate development capability, integration playbook, and employee-centric culture to lead this industry consolidation while simultaneously investing in AI but is constrained by its capital structure. We are asking the Board to suspend buybacks and put equity capital back into the business to grow CBIZ’s moat and seed the next decade of growth," said Ryan Bunn, Reference’s lead portfolio manager.
The full letter and the Restarting the M&A Flywheel presentation are available at www.referenceequity.com/CBIZ.
About Reference Equity
Reference Equity constructs differentiated Global & International Small Cap equity portfolios based on a fundamental, long-term, Quality | Value philosophy.
Disclosure
Reference Equity is a shareholder of CBIZ, Inc. (NYSE: CBZ). This press release and the accompanying materials reflect the opinions of Reference Equity, are provided for informational purposes only, and do not constitute investment advice or a solicitation of any vote, proxy, consent, or other action by security holders. Shareholders should conduct their own independent analysis before making any investment decision.
Contacts
Ryan Bunn, Portfolio Manager
Reference Equity