A proposed merger between two accounting firm giants – Fort Worth’s Whitley Penn LLP and South Carolina-based Elliott Davis LLC – has been called off by both parties.
Officials at Whitley Penn confirmed that the merger between the two accounting firms, which was expected to close in November, will not move forward. According to a report from Inside Public Accounting, the two firms cited cultural differences as a cause of the cancellation.
Officials at Whitley Penn and Elliott Davis would not comment on the merger’s cancellation.
In their June announcement, the two firms said the merger would have created a firm with $400 million in revenues, 16 offices and 1,400 professionals. Whitley Penn CEO Lary Autrey and Elliot Davis CEO Rick Davis would have helmed the firm as co-CEOs.
Whitley Penn had fiscal year 2021 net revenues of $165.6 million and was ranked at No. 37 on the Inside Public Accounting list of largest firms in the nation.
Whitley Penn has more than 650 employees in North Texas with locations in Fort Worth, Dallas and Plano. The firm also has offices in San Antonio, Austin, Midland, Odessa and New Mexico.
Bob Francis is business editor for the Fort Worth Report. Contact him at email@example.com. At the Fort Worth Report, news decisions are made independently of our board members and financial supporters. Read more about our editorial independence policy here.