Thomas H. Lee Partners, L.P. [1](THL), a private equity firm investing in middle market growth companies, announced that it has closed the acquisition of a majority interest in Ten-X, LLC [2] (Ten-X), a 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.
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.
According a release, the recapitalization will ensure Ten-X has the resources it needs to build on its proven platform, pursue additional monetization opportunities, and execute on its growth objectives. Ten-X will retain its corporate headquarters in Irvine and Silicon Valley, and will continue to be led by CEO 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.”
“We are very excited to be partnering with Ten-X, a clear market leader in the real estate industry,” said Jim Carlisle, Managing Director at THL. “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.”