Rothschild & Co’s Global Advisory business has agreed to acquire UK-based financial advisory firm Livingstone for an undisclosed amount.

Founded in 1976, Livingstone offers M&A, debt and special situations advice to local firms in the lower mid-market space.

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Livingstone’s UK team of 34 bankers will migrate to Rothschild as part of the deal.

The deal, which is pending regulatory approval, aligns with Rothschild & Co’s plan to bolster its footprint in the UK lower mid-market sector.

The investment bank has already established a similar unit to serve this market segment in France.

Rothschild & Co managing partner Robert Leitão said: “The acquisition of Livingstone in the UK provides a unique opportunity for us to establish a dedicated UK lower mid-market team, a segment of the market that we don’t actively participate in today.”

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Livingstone partner Patrick Groarke added: “Rothschild & Co’s acquisition of Livingstone’s UK business is a powerful validation of the quality of the team that we have built and the strength of our franchise in this vibrant market.

“We are looking forward to building upon this firm foundation together with our new colleagues.”

Rothschild & Co provide advisory and financial services solutions through its Global Advisory, Wealth & Asset Management, and Merchant Banking units.

The Global Advisory arm serves corporations, private equity, families and entrepreneurs as well as governments.