Whitley Penn, the accounting firm founded in Tarrant County in 1983, is merging with Greenville, South Carolina-based Elliott Davis to form a practice with about $400 million in annual revenue.
Terms of the deal were not disclosed. The merger is expected to close Nov. 1.
The new firm will operate as Elliott Penn with a combined 1,400 professionals in 16 offices across the South, including Whitley Penn’s existing offices in Fort Worth, Dallas, Austin, Houston, Midland and Odessa, Plano, and Hobbs, New Mexico.
Whitley Penn CEO Larry Autrey and Elliott Davis CEO Rick Davis will serve as co-CEOs of the new firm, according to a news release.
“Elliott Penn is the result of a long-term relationship which turned into a mutual conversation about what could be,” says Autrey 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.”
Whitley Penn ranked No. 40 on Accounting Today’s Top 100 firms with $164.8 million in annual revenue. Elliott Davis ranked No. 45, with $141 million. Whitley Penn has 78 partners and 650 employees, while Elliott Davis has around 72 partners and 712 employees.
The new firm will have a larger national presence as a Top 25 firm and a broader market recognition, with professionals throughout the country and offices in North Carolina, South Carolina, Georgia, Tennessee, Texas, and New Mexico.
“Through our conversations about the changing dynamics in our industry, we recognized that together we would cover the hottest growth markets in the country,” says Davis. “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.”