Mountjoy Chilton Medley has expanded its footprint in Cincinnati by adding Top 100 firm Elliott Davis Decosimo’s practice in that city.
The deal took effect on July 1, 2016. MCM, based in Louisville, Ky., has nearly 300 employees in five offices, including in Cincinnati and Louisville, along with Lexington, Ky., and Jeffersonville, Ind. MCM ranked 94th on Accounting Today’s 2016 list of the Top 100 Firms, with $39.1 million in annual revenue. Based in Greenville, S.C., Elliott Davis Decosimo ranked 29th on Accounting Today's 2016 list of the Top 100 Firms, with $117 million in annual revenue.
Elliott Davis announced in October 2014 it was merging in Decosimo to create a large regional firm known as Elliott Davis Decosimo, effective Jan. 1, 2015 (see Elliott Davis Merges with Decosimo to Create Regional Megafirm).
However, the combined firm has since decided to rethink its geographic focus and is shedding the old Decosimo office in Cincinnati. The partners who are joining MCM were formerly with the original firm of Joseph Decosimo & Co., which has been part of the Cincinnati business community since 1985.
MCM, in contrast, has been building its presence in Cincinnati, merging in the firm of Cooney Faulkner & Stephens LLC last year, and moving into its offices in the Hyde Park neighborhood (see Mountjoy Chilton Medley to Merge in Cooney Faulkner).
With the latest deal, MCM anticipates it will become one of the Top 10 CPA firms in Cincinnati, boasting a team of more than 60 professionals and other employees.
“MCM has been in Cincinnati for several years, but we are looking to grow the business commensurate with the opportunities we see in this critical market,” said MCM managing partner Diane Medley in a statement. “Our industry and consulting expertise are great fits for the Cincinnati economy, and by adding new members to our existing team, we’ll be able to provide our clients with more expertise, more capabilities and more resources.”
MCM plans to add another 60+ jobs and expand its office space in Cincinnati in the next three years.
Mike Gentry, a longtime Cincinnati partner with Elliott Davis Decosimo and formerly with its predecessor Joseph Decosimo & Co., said he was thrilled to be joining MCM. “MCM has a reputation for being a great steward of both its clients and its team, providing a broad-base of high level expertise and service to those it serves, and a Best Places to Work-winning culture to those providing that service,” he said. “We’re very much looking forward to being a part of that.”
The Cincinnati office will offer the traditional array of tax, assurance and accounting services, along with specialties in handling investment companies and funds, mergers and acquisitions, international tax, hospitality and nonprofit clients.
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