Mid-market advisory Palm Tree buys Backbone

The purchase is expected to add a broader set of solutions for companies and PE sponsors.

Palm Tree, a mergers and acquisitions adviser aimed at mid-market business, has bought Backbone Capital, also a mid-market advisory firm, in the expectation that the combined firm will be able to deliver a broader set of solutions to business owners and private equity sponsors.

The Backbone team is joining Palm Tree’s debt and equity capital markets financing group.