During an interview with the Times Free Press Wednesday, Rick Davis, left, and Nick Decosimo talk about the agreed merger of their two firms Wednesday at the Chattanooga Convention Center.ABOUT THE COMPANIES
Elliott DavisHeadquarters: Greenville, S.C.Other offices: Augusta, Georgia; Richmond, Virginia; Charlotte and Raleigh, North Carolina; Charleston, Columbia and Greenwood, South CarolinaFounded: 1925Staff: 392 employees and 51 partners2013 revenues: $64.1 millionManaging partner: Rick DavisDecosimoHeadquarters: ChattanoogaOther offices: Knoxville, Nashville Memphis in Tennessee; Dalton and Atlanta in Georgia; Huntsville, Alabama; Cincinnati, Ohio, and the Cayman IslandsFounded: 1971Staff: 265 employees and 29 partners2013 revenues: $38.2 millionManaging partner: Nick Decosimo
Chattanooga's biggest accounting firm will merge with South Carolina's biggest CPA firm in January to create one of the South's biggest accounting firms with more than 800 employees and more than $108 million in revenues.
Decosimo, the 43-year-old CPA firm originally named for one of its founders, Joseph Decosimo, announced today that it will combine with the Greenville, S.C.-based Elliott Davis. The combined firm, to be known as Elliott Davis Decosimo, will operate 17 offices across the Carolinas, Georgia, Tennessee, Virginia, Ohio and the Cayman Islands.
"We weren't looking to merge with anyone, but in talking with the folks at Elliott Davis it became clear that it made a lot of geographic and market sense to come together and both companies share the same type of work culture," said Nick Decosimo, the son of Joseph Decosimo and managing partner for Decosimo. "We look forward to building upon our individual successes to create a firm with a more powerful regional focus and an ever broad array of capabilities and expertise to serve our clients."
Decosimo said there are no plans to lay off any workers after the merger.
"We expect to grow our combined company and, while some people's job responsibilities may change some, we expect to need our staff and more to meet our future growth,:" he said.
Rick Davis, managing partner for Elliott Davis, said his firm has wanted to expand into Tennessee, Alabama and the Atlanta market and has targeted Decosimo as a possible merge candidate for the past five years. He said Decosimo "shares our values" and will enhance their firm's presence in serving hedge funds, health care firms and other geographic territories.