LLR Partners said Thursday that it has closed its investment in Lightspeed Financial, which will use the funds to buy Terra Nova Financial. Lightspeed, of New York, provides trading technology for institutional investors and professional retail traders. LLR is a PE firm. Chicago-based Terra Nova provides brokerage services for professional traders, hedge funds and money managers.
LLR Partners, a leading middle market private equity firm with over $1.4 billion under management, announced today that it has closed the previously announced investment in Lightspeed Financial, Inc. (“Lightspeed”), the proceeds of which will be used to finance the acquisition of Terra Nova Financial, LLC (“Terra Nova Financial”). Lightspeed is a leading provider of direct market access trading technology, risk management solutions, and brokerage services for institutional investors and professional retail active traders. The acquisition brings Lightspeed’s total client base to more than 7,500 active traders executing an average of over 220 million equity shares per day with total client assets exceeding $1.35 billion.
“We are excited about our partnership with LLR and leveraging their experience in helping to grow leading middle market businesses,” says Stephen Ehrlich, CEO of Lightspeed. “Bringing the Terra Nova client base under the Lightspeed Financial umbrella furthers our pursuit to unify this fragmented active trading segment of the market. We look forward to working with LLR to capitalize on the many organic and acquisition opportunities that exist in the market.”
Lightspeed has completed five successful transactions in the active trading industry since its inception over four years ago and three this year alone. Past transactions include the acquisitions of retail trading firms Schonfeld & Company, LLC; Integrity Trading Inc.; and NobleTrading, and a deal this past June that gave Lightspeed the exclusive license for the Anvil trading software, which was previously available through Assent LLC.
“LLR tracked Lightspeed’s progress for an extended period and recognized their best-in-class technology platform delivering trading tools and customer service into a compelling market segment,” says Mitchell Hollin of LLR Partners. “The combination of Lightspeed’s seasoned management team and success as the industry consolidator led LLR to partner with the Lightspeed team to continue building out their industry-leading suite of products and services.”
About LLR Partners
LLR Partners, a leading private equity firm based in Philadelphia, Pennsylvania, provides capital to middle market growth companies with proven business models in a broad range of industries including financial, healthcare and business services, information technology and education. With over $1.4 billion under management, LLR is flexible in its approach, taking minority or control positions, and leading transactions ranging from expansion and growth capital to shareholder recapitalizations and buyouts. For more information about LLR, please visit www.llrpartners.com.
About Lightspeed Financial, Inc.
Headquartered in New York City, Lightspeed Financial operates through three wholly-owned subsidiaries:
Lightspeed Trading, LLC operates as a fully disclosed introducing broker-dealer and FINRA and NFA member. The Company offers securities and direct access brokerage, trading and advanced order routing services to their clients utilizing Lightspeed’s software products.
Lightspeed Technologies, LLC serves as the Company’s technology development subsidiary. Lightspeed develops and operates Lightspeed Trader, Lightspeed’s Direct Market Access trading software application; Lightspeed Gateway, Lightspeed algorithmic trading offering; Lightspeed Risk, a real-time risk management application; and Lightspeed Admin, Middle Office Technology suite. Utilizing a number of proprietary technologies, Lightspeed offers these products and more to broker-dealers, institutional entities and professional traders.
Lightspeed Education, LLC delivers educational products to the Lightspeed Trading, LLC customer community. These products include third party educational tools, webinars and the Lightspeed Spotlight social community. www.lightspeed.com