Saturday, November 28, 2015

PA-backed LLR funds $28M deal

LLR money lets Lightspeed Financial buy Terra Nova Financial

PA-backed LLR funds $28M deal


LLR Partners, a $1.4 billion Philadelphia private equity fund backed by investor Ira Lubert and by Pennsylvania state pension funds, among other investors, will make an investment in New York-based Lightspeed Financial Inc. that will  finance Lightspeed's planned $27.6 million cash acquisition of Terra Nova Financial LLC, LLR partner Mitchell Hollin said in this statement.

Lightspeed was founded in 2006 by E-Trade Financial Corp. executive Stephen Ehrlich and his team, in a leveraged buyout of E-Trade Professional Trading and ETP Technologies. Lightspeed, a government-registered broker-dealer, has acquired a series of trading firms serving high-frequency traders, proprietary-trading groups and day-traders in hopes of building its trading volume and cutting costs.

Terra Nova, owned by Chicago-based Terra Nova Financial Group Inc., a publicly-traded firm whose stock lists for less than $1 a share in over-the-counter trades, also operates trading systems for retail investors.

LLR wouldn't say how much it's betting on Lightspeed. The firm typically makes investments of $20 million to $100 million.

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PhillyDeals posts interviews, drafts and updates that Joseph N. DiStefano writes alongside his Sunday and Monday columns and ongoing articles about Philadelphia-area business.

DiStefano studied economics, history and a little engineering at Penn. He taught writing and research at St. Joe’s. He has written for the Inquirer since 1989, except when he left a few times to work at Bloomberg and elsewhere. He wrote the book Comcasted, and raised six kids with his wife, who is a saint.

Reach Joseph N. at, 215.854.5194, @PhillyJoeD. Read his blog posts at and his Inquirer columns at Bloomberg posts his items at NH BLG_PHILLYDEAL.

Reach Joseph at or 215 854 5194.

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