In the latest megamerger to shake up the upper echelons of the profession, Greenville, S.C.-based IPA 100 firm Elliott Davis LLC and Fort Worth, Texas-based IPA 100 and IPA Best of the Best firm Whitley Penn LLP are joining forces to form Elliott Penn LLP.
Described as a merger of equals, the deal will create a new firm with 16 offices, close to 1,400 professionals and nearly $400 million in revenue when it closes on Nov. 1. Whitley Penn (FY20 net revenue of $148.9 million) is ranked No. 39 on IPA’s 2021 list of largest accounting firms in the nation. Elliot Davis is not far behind at No. 44 and reported net revenue of $140.5 million. Whitley Penn CEO Larry Autrey and Elliott Davis CEO Rick Davis will jointly serve as CEOs of the new firm.
“Elliott Penn is the result of a long-term relationship which turned into a mutual conversation about what could be,” says Autrey. “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.”
“Through our conversations about the changing dynamics in our industry, we recognized that together we would cover the hottest growth markets in the country,” adds 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.”
In July, Whitley Penn merged in Werlein & Harris PC of Houston; in 2020, it merged in Midland, Texas-based Johnson Miller & Co., and Speer & Associates Ltd. of Dallas joined Whitley Penn in 2019.