IRVINE, CA—Ten-X said Wednesday that private equity firm Thomas H. Lee Partners LP premier had agreed to lead a majority recapitalization of the online real estate marketplace. Deal terms were not disclosed. Current investors in Ten-X, including members of its senior management team, Stone Point Capital and CapitalG (formerly Google Capital), will continue to hold minority stakes in the company.

“After thoughtful consideration, we determined that THL is the right equity partner for Ten-X,” says CEO Tim Morse, who will continue to lead Ten-X from its current offices in Irvine, CA and Silicon Valley. “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.”

THL will contribute operational and financial resources and strategic expertise as Ten-X builds on its platform, pursues additional monetization opportunities and executes on growth objectives. “Tim Morse and Ten-X's experienced management team have created a transformational market leader in the real estate industry,” says Jim Carlisle, managing director at Boston-based THL. “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.”

J.P. Morgan Securities LLC and Wells Fargo Securities acted as financial advisors and Kramer Levin Naftalis & Frankel LLP acted as legal advisor to Ten-X. Antares Capital and Guggenheim Securities will lead the debt financing. Guggenheim Securities also acted as a financial advisor to THL, while Kirkland & Ellis LLP acted as legal advisor. The transaction is expected to close in the third quarter