Livingstone

What Livingstone does

Livingstone is an independent, global mid-market Mergers & Acquisitions and Debt Advisory firm headquartered in Chicago, with 14 offices across three continents (North America, Europe, and Asia). The firm was established in 2003 by co-founders Stephen Miles and David Sulaski (both now retired) and operates through a partnership-style structure, employing 101–250 professionals who complete approximately 50 to 60 transactions per year.

The firm delivers four interconnected service lines: M&A Sell-Side advisory (advising shareholders on company sales and divestitures), M&A Buy-Side advisory (supporting acquirers and private equity sponsors in identifying and executing strategic acquisitions), Debt Advisory (structuring senior, unitranche, and mezzanine debt facilities as well as preferred equity for leveraged buyouts, refinancings, and recapitalizations), and Special Situations (advisory for distressed, underperforming, or insolvent mid-market companies). These services are organized across five dedicated global sector teams: Business & Technology Services, Consumer, Energy & Infrastructure, Healthcare, and Industrial.

Livingstone generates revenue primarily through transaction-based success fees tied to deal value for M&A mandates, plus professional services fees for debt advisory and special situations engagements. The firm targets mid-market companies with enterprise values typically in the $50 million to $500 million range, serving three core client constituencies: private business owners pursuing exits or succession, private equity firms executing platform and add-on acquisitions, and corporates seeking capital structure optimization. Go-to-market is entirely relationship-driven, relying on direct senior partner engagement, deep sector specialization, and an international network spanning Amsterdam, Beijing, Düsseldorf, Frankfurt, Hamburg, London, Los Angeles, Madrid, Milan, Seoul, Stockholm, Valencia, and Verona.

Name

Livingstone

Legal name

Livingstone Partners

Website

https://livingstonepartners.com

Company type

Private

Founded year

2003

Operating status

Operating

Headcount range

101–250 employees

Short description

Livingstone is an independent global mid-market M&A and debt advisory firm headquartered in Chicago, completing 50–60 transactions annually across 14 offices, serving private business owners, private equity firms, and mid-market corporates in five core sectors.

Ownership category

akta.pro rank

Product category

Investment Banking Advisory (M&A and Debt Advisory)

NAICS

Securities, Commodity Contracts, and Other Financial Investments and Related Activities (523)

SIC

Security Brokers, Dealers & Flotation Companies (6211)

akta.pro primary industry

Corporate Development & Strategic Partnerships Advisory (JVs, Alliances, Carve-outs) (BPAHAOAG)

akta.pro secondary industry

Equity Capital Advisory (Private Equity Placements, Growth Capital) (BPAHAOAE)

Keywords

• Mid-market M&A advisory
• Debt advisory services
• Sell-side advisory
• Buy-side advisory
• Special situations advisory

Headquarters

HQ city

Chicago

HQ country

United States

HQ region

North America

Offices14 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Infrastructure, Others

Revenue model

1. M&A Advisory Fees: Livingstone generates revenue through advising shareholders on the sale of their company (sell-side M&A) and assisting buyers with identifying and executing strategic acquisitions (buy-side M&A). Fees are typically structured as transaction-based success fees, often a percentage of deal value, with the firm providing in-depth financial and strategic analysis, transaction process management, due diligence support, and complex deal negotiation.
2. Debt Advisory Fees: Livingstone's debt advisory practice provides financing solutions for mid-market clients including senior, unitranche, mezzanine debt facilities, and preferred equity securities. The firm earns fees for structuring and executing debt financing to support leveraged buyouts, refinancings, and balance sheet recapitalizations, with established deep distribution channels with active mid-market lenders.
3. Special Situations Advisory: Livingstone advises mid-market companies during periods of underperformance, distress, and insolvency. Services include distressed M&A transactions, in-court and out-of-court reorganizations, debt and equity raises, strategic alternative assessments, and committee/board representation. Revenue derived from complex, time-sensitive advisory engagements.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core offering

Livingstone is an independent, global mid-market investment bank providing Mergers & Acquisitions (sell-side and buy-side) and Debt Advisory services. The firm completes 50 to 60 transactions annually, advising private business owners, private equity firms, and mid-market companies across five core sectors (Business & Technology Services, Consumer, Energy & Infrastructure, Healthcare, and Industrial). It also offers Special Situations advisory for distressed and underperforming companies, supported by 14 offices across three continents.

Product overview

Livingstone is an independent, global M&A and debt advisory firm offering a unified set of investment banking services rather than a software platform. The firm operates through four interconnected service lines: M&A: Sell-Side (advisory for business owners selling companies), M&A: Buy-Side (advisory for acquirers seeking strategic acquisitions), Debt Advisory (tailored capital solutions including senior, unitranche, and mezzanine debt), and Special Situations (expert guidance during distressed or complex situations). These services are delivered by sector-focused teams across five core industries: Business & Technology Services, Consumer, Energy & Infrastructure, Healthcare, and Industrial.

Differentiator

Problem solved

Functional benefit

Products and services

• M&A: Sell-Side Advisory services for shareholders selling their company, including financial and strategic analysis, identifying transaction partners, managing due diligence, and negotiating deal terms to maximize shareholder value. Targeted at private business owners and shareholders of mid-market companies.
• M&A: Buy-Side Advisory services for buyers seeking to acquire companies, including identifying targets, developing deal structures, managing due diligence, and negotiating terms to complete platform or add-on acquisitions. Targeted at private equity sponsors and strategic acquirers.
• Debt Advisory Capital solutions including senior, unitranche, mezzanine debt facilities, and preferred equity securities to support leveraged buyouts, refinancings, and balance sheet recapitalizations. Targeted at mid-market companies and private equity sponsors requiring debt financing.
• Special Situations Advisory services for companies during periods of underperformance, distress, or insolvency, including distressed M&A transactions, in-court and out-of-court reorganizations, and strategic alternative assessments. Targeted at mid-market companies facing financial or operational challenges.

Quantifiable outcome

• Successfully advised on numerous mid-market transactions across diverse sectors and geographies
• +1 more outcomes

Named customers8 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Scale indicators4 records

Recent moves1 record

Direct peers

• Lincoln International: Lincoln International is a global mid-market investment bank specializing in M&A and debt advisory with similar sector coverage and transaction size focus ($50M-$1B+ EV), directly competing with Livingstone across multiple geographies.
• Rothschild & Co: Rothschild & Co is a global financial advisory firm with strong mid-market M&A and debt advisory practices, competing directly with Livingstone on cross-border transactions and similar client segments.
• Harris Williams: Harris Williams is a US-focused middle-market M&A advisor with sector-specialized teams, competing directly with Livingstone's Business & Technology Services, Consumer, and Healthcare sector practices.
• KPMG Corporate Finance: KPMG Corporate Finance is the M&A advisory arm of Big Four firm KPMG, providing mid-market sell-side, buy-side, and debt advisory services that directly compete with Livingstone's offerings.
• Houlihan Lokey: Houlihan Lokey is a global investment bank specializing in M&A, capital markets, and financial restructuring services with strong mid-market presence and special situations expertise similar to Livingstone.

Broad incumbents

• William Blair: William Blair is a larger diversified financial services firm with investment banking division covering M&A advisory, capital markets, and wealth management—competing in the mid-market segment while offering broader services.
• Lazard: Lazard is a global bulge-bracket financial advisory firm with mid-market M&A practice that overlaps with Livingstone, though it serves significantly larger deals and broader client base.
• Stifel Financial Corp: Stifel is a diversified financial services firm with investment banking division covering M&A advisory, capital markets, and debt advisory in mid-market segment—competing with Livingstone's debt advisory practice.
• Robert W. Baird: Robert W. Baird is a diversified financial services firm with global investment banking coverage in mid-market M&A and debt advisory, directly competing with Livingstone for mid-market mandates.
• Jefferies: Jefferies is a global full-service investment banking firm with mid-market M&A advisory capabilities, competing with Livingstone on cross-border transactions and sponsor coverage.

Market position

Strengths5 records

Weaknesses5 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/livingstone
• Xx.com/livingstoneteam

Revenue estimate

Valuation estimate

Number of profiles

Profiles12 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Livingstone