Ten-X and Thomas H. Lee Partners announced Wednesday that the deal, which was first announced in August, is now complete.
As stated previously, affiliates of Thomas H. Lee Partners led a “majority recapitalization” of Ten-X.
Under the terms of the deal, Ten-X’s current investors, which include Stone Point Capital, CapitalG (formerly Google Capital), members of Ten-X’s senior management team, and others, will continue to hold minority stakes in the company.
According to details provided by Ten-X, the company will continue to operate as it had previously, with a capital infusion from Thomas H. Lee Partners.
Financial terms of the deal were not disclosed, but Ten-X said that it plans to use the money to “build on its proven platform, pursue additional monetization opportunities, and execute on its growth objectives.”
Ten-X said that going forward, the company will keep its corporate headquarters in Irvine and Silicon Valley and will continue to be led by its chief executive officer, Tim Morse, and the 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,” Morse said of the deal. “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.”
Jim Carlisle, managing director at THL, said that the company is looking forward to helping Ten-X grow.
“We are very excited to be partnering with Ten-X, a clear market leader in the real estate industry,” Carlisle said. “We are looking forward to working closely with Tim and the talented management team at Ten-X to further enhance its leadership position and maximize this incredible growth opportunity.”