Elliott Davis Secures Strategic Growth Investment from Flexpoint Ford and Names New CEO

Elliott Davis LLC, a Greenville, S.C.-based accounting and advisory firm, has announced a strategic growth investment from Flexpoint Ford, a private equity firm specializing in financial services. The move marks a significant milestone for the firm, positioning it for accelerated growth, expanded service offerings, and enhanced talent development. 

With FY24 net revenue of $189.2 million, Elliott Davis is set to benefit from Flexpoint Ford’s capital resources, strategic insight, and operational support. The investment aims to support both organic expansion and strategic acquisitions, enabling the firm to broaden its geographic footprint and deepen client services. Existing shareholders will remain significant equity owners. 

Coinciding with this development, Elliott Davis also announced a planned leadership transition. John Otten, a 28-year veteran of the firm, will assume the role of CEO effective July 1. He succeeds Rick Davis, who has served as CEO for over 18 years and will transition to an advisory role. 

“The future is bright with John at the helm,” said Davis. “He has long been a trusted advisor to our clients and a respected leader within our firm. John lives our values, embraces our mission and is fully prepared to guide Elliott Davis into its next chapter.” 

Otten emphasized the firm’s forward-looking strategy: “This marks an important milestone for Elliott Davis. We are making significant investments in people, technology and services to meet the evolving needs of our clients and ensure we remain a destination employer. Our partnership with Flexpoint Ford positions us well for continued expansion through both organic growth as well as through strategic acquisitions.” 

As part of its evolving structure, Elliott Davis will now operate under an alternative practice structure. Attest services will remain under Elliott Davis LLC, a licensed CPA firm. Non-attest and business advisory services will be delivered by Elliott Davis Advisory LLC, a separate entity that is not a licensed CPA firm. 

Flexpoint Ford, known for backing partner-led firms in the professional services space, sees strong alignment with Elliott Davis’s approach. “Elliott Davis stands out for its client-first approach and one firm culture—hallmarks of an exceptional professional services platform,” said Dominic Hood, managing director at Flexpoint Ford. 

Jennifer Kim, principal at Flexpoint Ford, added, “We look forward to supporting Elliott Davis’s expansion through the continued recruitment and development of exceptional talent, alongside a disciplined and strategic M&A strategy designed to enhance capabilities and extend market reach.” 

The deal was advised by Guggenheim Securities, LLC and Koltin Consulting Group, with Nelson Mullins Riley & Scarborough LLP and Vedder Price P.C. providing legal counsel to Elliott Davis. Flexpoint Ford was advised by William Blair & Company, LLC, with legal counsel from Simpson Thacher & Bartlett LLP and Hunton Andrews Kurth LLP. 

Allan D. Koltin, CEO of Koltin Consulting Group and advisor on the transaction, commented, “Elliott Davis has been on a journey to build the firm of the future ‘today’ and its strategic combination with Flexpoint will only accelerate that mission. Flexpoint had evaluated other CPA firm platforms but with Elliott Davis it was ‘love at first sight.’ What makes them so special (in a pond of many PE firms) is their deep understanding and track record of advising ‘people businesses’ where the assets go home every night and decide if they want to come back the next day.” 

The partnership underscores Elliott Davis’s long-term strategy to evolve with the market while staying true to its values and client-centric mission.