Saturday, August 29, 2015

PA-backed LLR funds $28M deal

LLR money lets Lightspeed Financial buy Terra Nova Financial

PA-backed LLR funds $28M deal

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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 drafts, transcripts and updates of Joseph N. DiStefano's columns and stories about Philly-area business, which he's been writing since 1989.

DiStefano studied economics, history and a little engineering at Penn and taught writing at St. Joseph's. He has written thousands of columns and articles for the Inquirer, Bloomberg and other media, wrote the book Comcasted, and raised six children with his wife, who is a saint.

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Reach Joseph N. at JoeD@phillynews.com or 215 854 5194.

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