Top 40 accounting firm LBMC has grown its footprint across Tennessee by adding Frazee Ivy Davis, an accounting firm based in Memphis, effective Dec. 2.
Financial terms of the deal weren’t disclosed. The Frazee Ivy Davis transaction adds five shareholders for a total of 35 professionals, bringing LBMC to six locations, 900-plus team members in 30 states, serving more than 11,000 clients across the U.S.
In addition to adding strong healthcare industry knowledge, LBMC brings expanded expertise around advisory services—such as human resources, technology solutions, staffing/recruiting services, cybersecurity, consulting/business intelligence, wealth advisory service, and procurement—to the Memphis market, the Brentwood, TN-based accounting firm said in a media release. Healthcare currently comprises 40% of LBMC’s business, along with other privately owned and private equity-backed middle-market companies in the manufacturing/distribution, real estate, and technology industries.
“We’ve been carefully evaluating the right opportunity in Memphis for years since the region has been an integral part of our client base with more than 160 clients already being served in the city with growing demand,” Jim Meade, CEO and managing shareholder of LBMC, said in a statement. “With Memphis as the second-largest metro center in Tennessee, this expansion cements LBMC’s position as Tennessee’s largest professional services firm and third largest in the Southeast.
“Memphis offers a strategic advantage with its robust logistics hub, thriving entrepreneurial ecosystem, and access to top talent from multiple universities in the region,” he added. “This environment aligns perfectly with LBMC’s vision for innovation, growth, and development as the firm of the future.”
Frazee Ivy Davis is a long-established CPA firm in Memphis, with roots tracing back to the 1950s when the Frazee firm was founded by William M. Frazee. In 2006, brothers Alex and John Ivy, Jerry Davis, and members of the Frazee firm joined together to form Frazee Ivy Davis. The firm provides complete accounting and advisory services for private companies, families, individuals, executives, and their legal and financial advisors. In addition, the firm offers tax and auditing services along with expertise in valuation, exit planning, and resolution of financial controversies.
LBMC says Frazee Ivy Davis bolsters its expertise and bench strength in advisory growth areas. The Memphis-based firm offers customized solutions in healthcare, manufacturing, logistics, hospitality, and real estate.
“We are excited to be joining a nationally renowned team of experts who bring complementary strengths to the table with fully aligned core values and cultures and a common focus on exceptional client experience,” said John Ivy, president of Frazee Ivy Davis. “Our partnership with a leading regional firm enhances our ability to deliver a broader range of expertise and scalable solutions to our clients, positioning them for growth while providing expanded opportunities for our team.”
This transaction follows last year’s expansion into Louisville, KY, when Strothman & Co. joined LBMC.
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