The private equity firm Thomas H. Lee Partners, L.P. (THL) has signed a definitive agreement to become a major investor in the online real estate marketplace Ten-X, the companies announced.
Stone Point Capital and CapitalG will continue to hold minority stakes in the company. Terms of the deal, expected to close in the third quarter of 2017, were not disclosed.
“After thoughtful consideration, we determined that THL is the right equity partner,” Ten-X CEO Tim Morse said in a release. "They have an exceptional history of investing in growth-oriented businesses, such as Ten-X, and we firmly believe that they will allow us to reach our full potential and help us build on our leading position in the online real estate market. I am also pleased that our management team and existing investors will retain an ownership position in the business as we continue to provide our customers with best-in-class solutions.”
THL will contribute operational and financial resources and strategic expertise. Ten-X, founded in 2007, will continue to be headquartered in Irvine and Silicon Valley, Calif.
“Tim Morse and Ten-X's experienced management team have created a transformational market leader in the real estate industry. The company's best-in-class online platform creates better outcomes for both buyers and sellers and we believe there are multiple levers for substantial growth as online penetration continues in the real estate market,” THL Managing Jim Carlisle said.