Nick Decosimo and Rick Davis
Elliott Davis and Decosimo, two of the leading accounting firms headquartered in the Southeast, Wednesday announced plans to merge effective Jan. 1, 2015. The combined firm, which will be known as Elliott Davis Decosimo, creates the region’s fifth largest accounting firm with total annual revenues of $108 million and more than 800 professionals and specialists in 17 offices across seven states – Alabama, Georgia, North Carolina, Ohio, South Carolina, Tennessee, Virginia – and the Cayman Islands. Shareholders of both firms approved the merger in a unanimous vote. Terms were not disclosed.
Rick Davis, managing shareholder of Elliott Davis, will lead the combined firm. Decosimo Managing Principal Nick Decosimo will serve on the Executive Committee, which will be comprised of representatives from both firms.
Decosimo and Elliott Davis bring distinct markets and complementary areas of specialization to the merger, said officials. The combined firm will maintain all current office locations while making investments in key practice areas and expanding its professional staff over the coming years.
“Our firms share common cultures and a commitment to providing superior service and expertise to our clients,” said Mr. Decosimo. “We look forward to building upon our individual successes to create a firm with a more powerful regional focus and an even broader array of capabilities and expertise to better serve our clients.”
The combination allows both firms to expand geographically while maximizing their breadth and depth in industry specialties including banking, entertainment, government, healthcare, investment partnerships, manufacturing and distribution, private equity, real estate and technology and life sciences.
“This combination positions us to serve our clients with an even broader range of expertise across a wider geographic footprint," said Mr. Davis. "We are excited about the growth opportunities this will bring to not only our clients, but also to our people. Decosimo shares our values and, as Elliott Davis Decosimo, we will continue our tradition of delivering excellent service to our clients, providing a rewarding career environment for our people and making a positive impact in our communities.”
Both firms have experienced significant growth in recent years. In 2013, revenues for Elliott Davis increased by 14 percent. So far in 2014, Decosimo has experienced 8 percent revenue growth. Over the past three years Elliott Davis has posted 24 percent revenue growth and 40 percent growth in employees. The combination is expected to provide additional opportunities for expansion as Elliott Davis Decosimo adds industry specialists in its new markets and increases recruiting efforts across its seven-state footprint.
Mr. Davis shares, “We have made strategic investments to aggressively grow in our newer markets. In Charlotte, Raleigh and Richmond we’ve seen double digit growth over the last few years and we expect to pursue those same growth goals in the markets Decosimo brings to this combination.”
In addition to expanding niche specialty areas for both firms, the arrangement also provides clients with additional depth of experience in core services such as audit, tax, international, litigation support, estate planning, business valuation and transaction advisory, said officials.