LLR and Greenhill Capital recap credit card issuer

The private equity firm and the merchant bank have teamed up for a second time for this $56.2m effort.

LLR Partners and Greenhill Capital Partners have recapitalised First Equity Card Corporation, which issues credit cards to small businesses with fewer than 10 employees, using $56.2 million (€44.7 million), Greenhill Capital announced.

Mitchell Hollin, a partner at LLR, and Kevin Bousquette, a managing director at Greenhill Capital, have joined First Equity’s board of directors, according to the statement.

LLR Partners, based in Philadelphia, is a private equity firm that specialises in providing capital to companies in the financial, healthcare, software and business services industries. It invests up to $50 million in each company. According to the statement, the firm currently has a total of $620 million in capital.

New York-based Greenhill Capital Partners, the merchant banking arm of the investment bank Greenhill and Co., manages private equity funds in the financial services, energy and telecommunications industries. It has a total of $1.3 billion in committed capital, a statement noted.

In February of 2005, LLR and Greenhill Capital partnered for a minority, non-control investment worth $40 million in the specialty finance company Peachtree Settlement Funding.