Dixon Hughes PLLC and Goodman & Co. LLP said Monday they plan to merge on March 1, creating the largest CPA firm based in the South and the 13th largest in the country.
The combined firm will be known as Dixon Hughes Goodman LLP. The firm will be headquartered in Charlotte, N.C., and will have 1,700 people in 30 offices in 11 states and Washington, D.C. Terms of the deal were not disclosed. Dixon Hughes ranked 19th on Accounting Today’s 2010 list of the Top 100 Firms, with $200 million in annual revenue, while Goodman ranked 30th, with $68 million in revenue.
Goodman managing partner Thomas H. Wilson will become deputy chairman and chief operating officer of the new firm. Dixon Hughes chairman Charles Edgar Sams Jr. will continue to serve as chairman of the new firm, and Dixon Hughes CEO Kenneth M. Hughes will also remain in his position.
“This is a tailor-made fit that will benefit the firm, our staff and, most importantly, our clients,” said Wilson in a statement. “Both organizations will gain increased industry expertise and depth and see new geographic opportunities for growth. Clients will have broadened access to capital networks and industry best practices, while our employees will see more robust training options, increased opportunities for industry specialization and greater mobility between offices.”
“Both firms have a strong affinity for providing exceptional service and in-depth industry knowledge on behalf of our clients,” said Sams. “This combination will create a larger platform in which we can expand our geographical reach throughout the mid-Atlantic, share core technical resources and anticipate the needs of our clients.”
The merger will create a larger geographic footprint for the two firms, with offices located in Alabama, Florida, Georgia, Maryland, North Carolina, Ohio, South Carolina, Tennessee, Texas, Virginia, Washington, D.C., and West Virginia. The firm will conduct business in all 50 states.
“This was one of those mergers where the stars couldn’t have aligned any better,” said Allan D. Koltin, CEO of PDI Global, Inc. who has consulted with Goodman over the past five years, but wasn’t involved in the current merger. “From a Dixon Hughes standpoint, it makes them a major player in Virginia and the D.C. market the day after. For Goodman, it takes an incredibly successful firm and makes them even stronger. The 'supersize' merger strategy, with firms $40 million and greater coming together, is now in full gear as evidenced by this and Eisner/Amper, Parente/Beard, Baker Tilly/Beers & Cutler, Mazars/Weiser, Larson Allen/LeMaster & Daniels, and Marcum/Rachlin. I think it’s highly likely we will see one to two more deals like this in 2011.”
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