Goodman & Co. to merge with Dixon Hughes
- January 10, 2011
Virginia Beach-based Goodman & Co. LLP plans to merge with North Carolina-based Dixon Hughes PLLC, the largest accounting firm in the South.
The combined company, known as Dixon Hughes Goodman, will be based in Charlotte, N.C., and will become the 13th largest accounting firm in the country. It will have 1,700 employees in 30 offices In 11 states and the District of Columbia. Dixon Hughes Goodman is expected to have annual revenue of about $300 million.
Goodman will retain all its existing offices in Virginia, Maryland and Washington, D.C. The merger will take effect on March 1.
Gary Thomson, Goodman’s Richmond-based regional partner in charge, said the merger will result in an increase in staff at Goodman offices. “Where I am, we’re looking immediately post merger at adding folks in the insurance, health care and banking areas,” he said. Thomson expects the Richmond area, which currently has about 110 employees, to increase staff by 10 percent. Thomson oversees the firm’s Richmond, Chester, Danville and Roanoke offices.
Thomas H. Wilson, Goodman’s managing partner, will become deputy chairman and chief operating officer of the new firm. Charles Edgar Sams Jr. and Kenneth M. Hughes, the chairman and CEO of Dixon Hughes, respectively, will continue in those posts in the combined company.
“This is a tailor-made fit that will benefit the firm, our staff and most importantly, our clients,” Wilson said 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.”
Officials said the merger will bring together complementary strengths of each firm in a wide range of industries, including government contracting, manufacturing/distribution, health care, construction/real estate, insurance, government, nonprofit, auto dealerships and financial institutions.
Founded in Norfolk in 1932, Goodman has 86 partners and principals and 500 professional staff. It ranked as the fourth largest CPA firm in the mid-Atlantic.
Dixon Hughes has more than 1,200 employees located in nine states.