BOSTON—Private equity firm Thomas H. Lee Partners LP said Wednesday it had closed on the acquisition of a majority stake in online real estate marketplace Ten-X LLC. Financial terms were not disclosed; citing sources said to be familiar with the matter, the Wall Street Journal reported Tuesday that the deal values Ten-X at $1.6 billion.
“This investment gives us the scale and resources to accelerate our growth and further expand our platform and product offerings,” says Ten-X CEO Tim Morse. When the THL recapitalization was first announced in August, Morse cited the Boston-based PE firm's “exceptional history of investing in growth-oriented businesses, such as Ten-X.”
Morse will continue to lead the company along with other members of its senior management team, and its current headquarters in Irvine and Silicon Valley, CA will be retained. Members of Ten-X's senior management team, Stone Point Capital and CapitalG (formerly Google Capital), among others, will continue to hold minority positions.
Wells Fargo Securities LLC and J.P. Morgan Securities LLC acted as financial advisors and Kramer Levin Naftalis & Frankel LLP acted as legal advisor to Ten-X. For THL, Guggenheim Securities acted as financial advisor and Kirkland & Ellis LLP acted as legal advisor.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Paul Bubny
Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.
