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.

The combined group will be run by Backbone founder Britt Terrell. Terrell, former head of the debt capital markets effort at The Gores Group, said in an interview that he worked at Gores for nine years, closing $2 billion in debt financings there, before leaving in 2011 to start Backbone as his own shop. Since then, Backbone has helped clients secure more than $1 billion in debt and equity financings in North America.

Terrell says that with the addition of the Backbone team, Palm Tree is in a good position to support portfolio companies and sponsors to secure the capital they need to execute their plans.

The founder and managing director of Palm Tree, Pardis Nasseri, said: “Britt will be an invaluable asset to our capital markets team as we expand our capabilities to advise clients through every step of their transitions and transformations.”

Stephen Rossi is the co-founder of investment management services at Palm Tree and has worked at Bank of America and Platinum Equity.

“I’ve known Pardis and Steve for over 10 years,” Terrell said. “Our skill sets connect with and complement each other’s very well.”