Two Prime 50 Companies, Elliott Davis LLC and Whitley Penn LLP, are becoming a member of collectively in a mega-merger to type Elliott Penn LLP, accounting for roughly $400 million in mixed annual income, when the transaction is scheduled to shut on Nov. 1.

Monetary phrases of the deal weren’t disclosed. Whitley Penn, based mostly in Fort Price, Texas, ranked No. 40 on Accounting At present’s 2022 record of the Prime 100 Companies, with $164.eight million in annual income. Elliott Davis, headquartered in Greenville, South Carolina, ranked No. 45, with $141 million in annual income. The brand new agency may have roughly 1,400 professionals working in 16 places of work throughout the South. Whitley Penn has roughly 78 companions and 650 staff, whereas Elliott Davis has round 72 companions and 712 staff.

Whitley Penn CEO Larry Autrey  and Elliott Davis CEO Rick Davis will collectively function CEOs of the mixed Elliott Penn. 

“Elliott Penn is the results of a long-term relationship which became a mutual dialog about what could possibly be,” Autrey mentioned in an announcement Monday. “We selected to mix now, via a trusted relationship which allowed us to work collectively to create a singular alternative for our prospects and our individuals. I couldn’t be extra enthusiastic about what Elliott Penn will supply to the market and our groups.”

The 2 companies have been in talks a couple of merger as they noticed the accounting career undergo a wave of consolidations and different adjustments. 

“Via our conversations concerning the altering dynamics in our trade, we acknowledged that collectively we’d cowl the most popular development markets within the nation,” Davis mentioned in an announcement.  I’m thrilled to have the ability to carry our capabilities to a broader vary of consumers via Elliott Penn and supply a horny alternative inspiring others seeking to be in the very best place for the long run.”

The leaders predict the mix will vault them into the ranks of the Prime 25, with professionals working throughout the nation and places of work in North Carolina, South Carolina, Georgia, Tennessee, Texas and New Mexico.

Final summer time, Whitley Penn expanded by including Werlein & Harris, a agency in Houston. In November 2020, Whitley Penn merged in Johnson, Miller & Co., a agency in Midland, Texas. In 2019, it merged in Speer & Associates, a agency based mostly in Dallas, and in 2018, the agency added Dossani, Turnage & Van Hoose and its affiliate, Influence Monetary Options, additionally within the Dallas–Fort Price space.

Elliott Davis doesn’t do mergers and acquisitions as usually, however in 2020, the agency celebrated its 100th anniversary.

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