Amid a move from the suburbs to downtown, a South Carolina-based accounting firm struck a pair of deals to accelerate its growth in Richmond.
Elliott Davis last week absorbed two local accounting firms: Valderas & Fishel and VanHuss & Associates. The deal grows the company’s local ranks and brings seasoned books of Richmond business to its tax practice.
No money changed hands in the deal, said Mark Rudolph, managing shareholder of Elliott Davis’s Richmond office. The deal closed Dec. 1.
Rudolph said the move is similar in strategy to Elliott Davis’s approach in other markets.
“We didn’t want to do the big merger,” Rudolph said. “We were really interested in putting together people that are going to work and play well together. We wanted people who have been in Richmond for a long time and are just looking for perhaps more resources that come with a bigger firm but still having that small firm feel.”
Eight employees made the move from the two firms to Elliott Davis, including Kim VanHuss, Retha Valderras and Stephen Fishel.
Before joining Elliott Davis, VanHuss & Associates had operated out of a West End office at 4312 Grove Ave. Valderras & Fishel worked at 4900 Cox Road in Innsbrook.
Headquartered in Greenville, S.C., Elliott Davis expanded into the Richmond market in late 2012 with less than a handful of employees. It now has a staff of 30.
The firm targets businesses and high-net-worth and high-income individuals, including closely held businesses and their owners.
Its growth in Richmond prompted the company to relocate its office from a 4,000-square-foot space at 3900 Westerre Parkway to 16,000 square feet on the 10th floor of Riverfront Plaza’s west tower. The move is taking place this month.