Guaranteed Rate Inc. will receive a material capital and strategic investment from an affiliate of Thomas H. Lee Partners LP.
Terms of the transaction were not disclosed. It is expected to close in the first quarter.
Guaranteed Rate will use part of the proceeds of the investment to fund the repurchase of certain shares from existing shareholders, and the rest will be used for general corporate purposes. Guaranteed Rate Chairman and CEO Victor Ciardelli III will continue to lead the company, while the investor will have a meaningful minority stake.
Goldman Sachs was financial adviser and Latham & Watkins LLP was legal adviser to Guaranteed Rate. For Thomas H. Lee Partners, Barclays acted as financial adviser and Kirkland & Ellis LLP was legal adviser.