Thomas H. Lee Partners, a private equity firm, has closed the acquisition of a majority interest in Ten-X, the leading online real estate marketplace.
Members of Ten-X’s senior management team, Stone Point Capital, and CapitalG (formerly Google Capital), among others, will continue to hold minority positions in the company. Terms of the transaction were not disclosed.
Founded in 2007 and headquartered in Irvine and Silicon Valley, California, Ten-X provides an online real estate marketplace that allows individuals and investors to buy and sell residential and commercial real estate properties using both desktop and mobile channels.
Since its inception, Ten-X has enabled over $50 billion of residential and commercial property sales on its platform.
The recapitalization will ensure Ten-X has resources to build on its platform, pursue monetization opportunities, and execute on its growth objectives.
The company will retain its corporate headquarters in Irvine and Silicon Valley, and will continue to be led by Chief Executive Officer Tim Morse along with other members of its senior management team.
“This investment gives us the scale and resources to accelerate our growth and further expand our platform and product offerings,” said Morse.
“With the support of THL as a partner going forward, we can fully execute on our vision, build on our position as a leader in the online real estate market, and continue to provide our customers innovative products and services.”
Wells Fargo Securities LLC and J.P. Morgan Securities acted as financial advisors and Kramer Levin Naftalis & Frankel acted as legal advisor to Ten-X. Guggenheim Securities and Kirkland & Ellis LLP acted on behalf of THL.