There is going to be a new public accounting firm later this year that is expected to become one of the top 25 largest in the United States by revenue: Elliott Penn. It is the love child of top 50 firms Elliott Davis and Whitley Penn, which announced their plans to merge on June 13. Financial terms of the deal were not disclosed.
Elliott Davis and Whitley Penn are touting the move as a “merger of equals”—they will combine to form a brand-new firm instead of one firm being folded into the other. This happened most recently when top 20 firms BKD and DHG combined to form FORVIS (based on the words “forward” and “vision”).
Once the merger closes, which is supposed to happen on Nov. 1, Elliott Penn will have approximately 1,400 professionals spread around 16 offices in Georgia, New Mexico, North Carolina, South Carolina, Tennessee, and Texas. The new firm is expected to have a combined revenue of approximately $400 million at the time of closing.
Whitley Penn Managing Partner Larry Autrey and Elliott Davis CEO Rick Davis will serve as co-CEOs of Elliott Penn. The two firm leaders had a pre-existing relationship, which set the table for this deal.
“Elliott Penn is the result of a long-term relationship which turned into a mutual conversation about what could be,” Autrey said in a statement. “We chose to combine now, through a trusted relationship which allowed us to work together to create a unique opportunity for our customers and our people. I could not be more excited about what Elliott Penn will offer to the market and our teams.”
Davis added: “Through our conversations about the changing dynamics in our industry, we recognized that together we would cover the hottest growth markets in the country. I am thrilled to be able to bring our capabilities to a broader range of customers through Elliott Penn and provide an attractive opportunity inspiring others looking to be in the best position for the future.”
Fort Worth, Texas-based Whitley Penn was established in 1983 by founding partners B. Glen Whitley, Jim Penn, and Mark Topel. Greenville, S.C.-based Elliott Davis was formed in 1920 by Merrill Patten, James Elliott, and Herbert Davis.
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Tags: Firm Management
