LLR Partners backed Lightspeed Financial’s deal to buy listed, Illinois-based Terra Nova Financial Group Inc. Terms of the deal were not disclosed and calls seeking comment were not acknowledged by press time.
Lightspeed Financial, which, in mid-June, agreed to acquire Terra Nova for a meager $27 million, will integrate the trading professionals’ service firm into its existing business by the end of September. Terra Nova's assets of $450 million will increase Lightspeed's client assets to more than $1.2 billion.
Raymond James is financial advisor to Terra Nova Financial Group and B. Riley & Co., provided a fairness opinion to the company’s board for the sale to Lightspeed. Mitchell Hollin subsequently worked on the second transaction for LLR Partners.
LLR Partners—along with a number of investments throughout the healthcare and pharmaceutical space—has also made numerous prior investments in the financial services industry. Among its deals in the space, LLR recapped First Equity Card Corp. in 2006 and acquired Fleet One two years later.
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