The initiative is a joint venture between the UK's Mitchell Patterson Grime Mitchell and the France-based Senioragency.
It comes 18 months after the failure of a similar venture between Senioragency and Grey Worldwide London.
Under the new arrangement, Mitchell Patterson has bought the rights to the use of the Senioragency name in the UK and will pay a percentage of its income to Senioragency's founder, Jean-Paul Tregueur.
In return, Mitchell Patterson is establishing a new operation under the Senioragency name. It will operate at arm's length from Mitchell Patterson with a dedicated account and planning staff, although it will initially draw on Mitchell Patterson's creative resource.
The fledgling shop plans to focus on advertisers wanting to promote products and services to mature consumers without jeopardising relationships with their main agencies.
Senioragency, which claims to be the first European shop devoted to the mature market, is keen to gain a credible foothold in the UK after its relationship with Grey was aborted because of insufficient client interest.
But Chris Mitchell, 47, a Mitchell Patterson founding partner who will run the new venture, claimed it was a reflection of the increasing recognition among advertisers of the over-50s and of the need for major agencies to take the issue more seriously.