Ten-X’s recapitalization


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 and Kirkland & Ellis LLP acted as legal advisor to THL.

Ten-X, LLC, (the “Company” or “Ten-X”) the nation’s leading online real estate marketplace, and Thomas H. Lee Partners, L.P. (“THL”), a premier private equity firm investing in middle market growth companies, announced today that they have signed a definitive agreement under which affiliates of THL will lead a majority recapitalization of Ten-X. Members of Ten-X’s senior management team, Stone Point Capital, and CapitalG (formerly Google Capital), among others, which currently are investors in Ten-X, will continue to hold minority stakes in the Company. Terms of the transaction were not disclosed. The transaction is expected to close in the third quarter of 2017, subject to customary closing conditions.

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. By leveraging its market leading technology platform and extensive international network of buyers, Ten-X empowers consumers, investors and real estate professionals with unprecedented levels of flexibility, control and simplicity to easily complete real estate transactions entirely online. Since its inception in 2007, Ten-X has enabled over $50 billion of residential and commercial property sales on its platform.

THL will support Ten-X’s continued growth by contributing operational and financial resources and strategic expertise as the Company builds on its proven platform, pursues additional monetization opportunities, and executes on its growth objectives. The Company will retain 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.

The Kramer Levin team advising Ten-X was led by Corporate partner Howard T. Spilko (Picture) and included associates Scott A. Abramowitz, Jonathan J. Goodman, Jason P. Norinsky and Matthew Hacker; Tax partner Barry Herzog and special counsel Niya Tang; Intellectual Property counsel Kevin M. Moss; Employee Benefits special counsel Avram J. Cahn; Leveraged Finance partner Richard E. Farley; and Banking and Finance partners Kenneth Chin and Sanjay Thapar.

Involved fees earner: Howard Spilko – Kramer Levin Naftalis & Frankel LLP; Scott Abramowitz – Kramer Levin Naftalis & Frankel LLP; Jonathan Goodman – Kramer Levin Naftalis & Frankel LLP; Matthew Hacker – Kramer Levin Naftalis & Frankel LLP; Jason Norinsky – Kramer Levin Naftalis & Frankel LLP; Barry Herzog – Kramer Levin Naftalis & Frankel LLP; Niya Tang – Kramer Levin Naftalis & Frankel LLP; Kevin Moss – Kramer Levin Naftalis & Frankel LLP; Avram Cahn – Kramer Levin Naftalis & Frankel LLP; Richard Farley – Kramer Levin Naftalis & Frankel LLP; Kenneth Chin – Kramer Levin Naftalis & Frankel LLP; Sanjay Thapar – Kramer Levin Naftalis & Frankel LLP;

Law Firms: Kramer Levin Naftalis & Frankel LLP;

Clients: Ten-X, LLC;

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Author: Ambrogio Visconti