Tennessee accounting firms Petty & Landis and Lattimore Black Morgan & Cain have merged their practices, giving Nashville-based LBMC a physical presence in the Chattanooga market.
Petty & Landis was formed in 1966, while LBMC dates back to 1984. The merger gives LBMC a total of more than 400 people in three offices in Knoxville, Nashville and Chattanooga. Petty & Landis is contributing about 45 of those employees. The combined firm will retain LBMC's name.
Financial terms were not disclosed, but Leisa Gill, director of marketing at LBMC, said that Petty & Landis makes about $5 million in revenue. The combined firm will have slightly over $50 million in revenue.
Petty & Landis offers tax, audit and accounting services. The combination with LBMC adds services such as investment advice, strategic staffing, human resources, business valuation and technology solutions.
"For the existing clients there won't be any changes," said Gill. "In fact, they will notice additional services."
LBMC made $41 million in revenue last year, according to Accounting Today's survey of the Top 100 firms and was ranked number 54 on this year's list.
