
Marks the Firm&#39;s Third Liquidity Event This Month and Another Successful Exit for MidOcean&#39;s Business Services Vertical


MidOcean Partners (&#34;MidOcean&#34; or the &#34;Firm&#34;), a premier New York-based alternative asset manager

<p xmlns="http://www.w3.org/1999/xhtml">
<b xmlns="http://www.w3.org/1999/xhtml">Marks the Firm's Third Liquidity Event This Month and Another Successful Exit for MidOcean's Business Services Vertical</b>

</p><p xmlns="http://www.w3.org/1999/xhtml">
MidOcean Partners ("MidOcean" or the "Firm"), a premier New York-based alternative asset manager specializing in middle market private equity, alternative credit, and structured equity, announced today the signing of the sale of Bora, Inc. and its subsidiaries (collectively, "Zonda" or the "Company") to CoStar Group, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/CSGP">CSGP</a>) ("CoStar Group").

</p><p xmlns="http://www.w3.org/1999/xhtml">
Zonda is the #1 data, marketplace, and software platform for the new home ecosystem. Zonda's end-to-end platform spans land discovery, homebuilding, home discovery, and homebuying, and is delivered through three integrated offerings: subscription-based data and intelligence covering more than 500 housing metrics across North America; the leading new-home marketplace in the U.S. and Canada; and a full suite of software solutions for the virtual home evaluation experience, including visualization, customization, and tours. Customers rely on Zonda's proprietary, AI-driven platform for mission-critical, daily decision making across the new home value chain.

</p><p xmlns="http://www.w3.org/1999/xhtml">
MidOcean executed a focused value creation strategy that unified disparate industry assets into a comprehensive purpose-built platform for the new home market and significantly expanded the Company's offerings across data, marketplaces, and software. During MidOcean's ownership, Zonda completed nine strategic add-on acquisitions, broadened geographic coverage, invested heavily in proprietary and patented AI-driven data collection and workflow tools, and launched new products targeted to this $27 billion+ total addressable market. The Company more than doubled in scale, materially expanded margins, and achieved more than 50 consecutive quarters of year-over-year ARR growth – demonstrating a successful track record across all housing market conditions.

</p><p xmlns="http://www.w3.org/1999/xhtml">
Sara Badham, Managing Director at MidOcean, commented, "With Zonda's visionary management team, we set out to create the preeminent platform for data, insights and technology across the residential housing ecosystem. We continually invested behind that vision, in strategic acquisitions, technology, product and talent. Zonda is a trusted partner to its customers and a trusted source of intelligence across the market. We are incredibly proud of what we have built together with the Zonda team and we look forward to watching the Company's continued success as part of CoStar Group."

</p><p xmlns="http://www.w3.org/1999/xhtml">
"MidOcean's strategic insight, operational support, and capital partnership were instrumental in transforming Zonda into the platform it is today. We are excited to combine with the CoStar Group – a global leader in real estate information, analytics, and marketplaces – and look forward to continuing to deliver exceptional value to our customers as part of a larger platform with shared ambitions," added Jeff Meyers, Founder and Chief Executive Officer of Zonda.

</p><p xmlns="http://www.w3.org/1999/xhtml">
Houlihan Lokey Capital, Inc. served as lead financial advisor to MidOcean. Solomon Partners Securities, LLC. also served as a financial advisor to the Company. Gibson, Dunn &amp; Crutcher LLP served as legal advisor to MidOcean.

</p><p xmlns="http://www.w3.org/1999/xhtml">
<b xmlns="http://www.w3.org/1999/xhtml">About MidOcean Partners
<br xmlns="http://www.w3.org/1999/xhtml"></br></b>MidOcean Partners is a premier New York-based alternative asset manager specializing in middle-market private equity, alternative credit, and structured equity. Since its inception in 2003, MidOcean Private Equity has targeted investments in high-quality middle-market companies in the consumer and business services sectors. MidOcean Credit Partners was launched in 2009 and currently manages a series of alternative credit strategies, collateralized loan obligations (CLOs), and customized separately managed accounts. In 2024, MidOcean expanded its platform to include structured equity, positioning the firm as a leading provider of capital solutions to the middle market. For more information, please visit <a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.midoceanpartners.com%2F&amp;esheet=54543852&amp;newsitemid=20260529323421&amp;lan=en-US&amp;anchor=https%3A%2F%2Fwww.midoceanpartners.com%2F&amp;index=1&amp;md5=4ffcc6cbbee683b1f0752c54a891080f" shape="rect">https://www.midoceanpartners.com/</a>.

</p><p xmlns="http://www.w3.org/1999/xhtml">
<b xmlns="http://www.w3.org/1999/xhtml">About Zonda
<br xmlns="http://www.w3.org/1999/xhtml"></br></b>Zonda is the #1 data, marketplace, and software platform purpose-built for the new home ecosystem. Leveraging more than 40 years of category leadership, Zonda serves more than 3,000 customers across the homebuilding lifecycle through proprietary data and intelligence, the leading new-home marketplaces in North America — NewHomeSource and Livabl — and integrated software solutions that power critical builder and industry workflows. Learn more at zondahome.com.

</p><p xmlns="http://www.w3.org/1999/xhtml"><img xmlns="http://www.w3.org/1999/xhtml" alt="" src="https://cts.businesswire.com/ct/CT?id=bwnews&amp;sty=20260529323421r1&amp;sid=benz2&amp;distro=nx&amp;lang=en" style="width:0;height:0"></img><span xmlns="http://www.w3.org/1999/xhtml" class="bwct31415"></span></p><p xmlns="http://www.w3.org/1999/xhtml" id="mmgallerylink"><span xmlns="http://www.w3.org/1999/xhtml" id="mmgallerylink-phrase">View source version on businesswire.com: </span><span xmlns="http://www.w3.org/1999/xhtml" id="mmgallerylink-link"><a xmlns="http://www.w3.org/1999/xhtml" href="https://www.businesswire.com/news/home/20260529323421/en/" rel="nofollow">https://www.businesswire.com/news/home/20260529323421/en/</a></span></p><p xmlns="http://www.w3.org/1999/xhtml">
<b xmlns="http://www.w3.org/1999/xhtml">MidOcean Investor Relations Contact 
</b><br xmlns="http://www.w3.org/1999/xhtml"></br><a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="mailto:ClientService@midoceanpartners.com" shape="rect">ClientService@midoceanpartners.com 
</a><br xmlns="http://www.w3.org/1999/xhtml"></br>
<br xmlns="http://www.w3.org/1999/xhtml"></br><b xmlns="http://www.w3.org/1999/xhtml">MidOcean Media: 
</b><br xmlns="http://www.w3.org/1999/xhtml"></br>Prosek Partners
<br xmlns="http://www.w3.org/1999/xhtml"></br><a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="mailto:Pro-MidOcean@prosek.com" shape="rect">Pro-MidOcean@prosek.com 
</a><br xmlns="http://www.w3.org/1999/xhtml"></br>914-552-4281

</p>

CSGP

MidOcean Partners Signs Definitive Agreement to Sell Zonda to CoStar Group

CoStar to Acquire Zonda from MidOcean; expands real estate data platform

<section class="insight" data-version="1">
  <section data-block="information">
    <h3>Information</h3>
    <p>Marks the Firm&amp;#39;s Third Liquidity Event This Month and Another Successful Exit for MidOcean&amp;#39;s Business Services Vertical


MidOcean Partners (&amp;#34;MidOcean&amp;#34; or the &amp;#34;Firm&amp;#34;), a premier New York-based alternative asset manager</p>
  </section>

  <section data-block="ai-summary-paragraph">
    <h3>AI Summary</h3>
    <p>MidOcean sells Bora/Zonda to CoStar Group, signaling a strategic expansion for CSGP. Zonda delivers data, marketplaces, and software for the new home ecosystem, spanning 500+ metrics and AI-driven workflows, with ARR growth over 50 quarters and a $27B+ TAM. The close could strengthen CoStar&#039;s real estate analytics moat and unlock cross-sell opportunities across its platform.</p>
  </section>

  <section data-block="ai-summary-bullets">
    <h3>Key Points</h3>
    <ul><li>MidOcean signs Bora/Zonda sale to CoStar Group (CSGP).</li><li>Zonda is leading data, marketplace, software platform for new homes.</li><li>ARR growth &gt;50 quarters; TAM exceeds $27B.</li><li>Deal could broaden CoStar&#039;s real estate data and marketplace capabilities.</li><li>Management comments emphasize continued value post-close.</li></ul>
  </section>

  <section data-block="companies-mentioned">
    <h3>Companies Mentioned</h3>
    <ul><li><strong>CoStar Group, Inc. (CSGP)</strong>: Acquiring Zonda; could enhance CoStar&#039;s real estate data analytics and marketplaces.</li><li><strong>Bora, Inc. / Zonda (N/A)</strong>: Target platform for MidOcean; leading data/AI-driven solution for the new home ecosystem.</li><li><strong>MidOcean Partners (N/A)</strong>: Seller; third liquidity event this month; strategic exit and capital reallocation.</li><li><strong>Houlihan Lokey Capital, Inc. (N/A)</strong>: Led financial advisory to MidOcean.</li><li><strong>Solomon Partners Securities, LLC. (N/A)</strong>: Financial advisor to the Company.</li><li><strong>Gibson, Dunn &amp; Crutcher LLP (N/A)</strong>: Legal advisor to MidOcean.</li></ul>
  </section>

  <section data-block="category">
    <h3>M&amp;A</h3>
    <p>Category: M&amp;A. The deal underscores ongoing consolidation in real estate data and software platforms, with potential downstream benefits for CoStar&#039;s analytics, data assets, and cross-sell opportunities.</p>
  </section>

  <section data-block="market-moving">
    <h3>Market-Moving</h3>
    <ul><li>Zonda integration could expand CoStar&#039;s data moat and cross-sell opportunities.</li><li>Deal close timing/valuation will be key near-term price driver.</li><li>Zonda&#039;s ARR growth and $27B TAM bolster CoStar&#039;s long-term growth narrative.</li></ul>
  </section>

  <section data-block="key-facts">
    <h3>Key Facts</h3>
    <ul><li>Bora, Inc./Zonda sale to CoStar Group signed; price not disclosed.</li><li>Zonda is the leading data, marketplace, and software platform for the new home ecosystem.</li><li>Zonda offers data on 500+ housing metrics across North America and owns NewHomeSource and Livabl.</li><li>TAM exceeds $27 billion; Zonda has more than 50 consecutive quarters of YoY ARR growth.</li><li>Zonda serves 3,000+ customers; nine add-on acquisitions completed under MidOcean.</li></ul>
  </section>

  <section data-block="trading-thesis">
    <h3>Trading Thesis</h3>
    <p>Long-term bullish for CSGP on expanded data assets; near-term moves hinge on deal closing.</p>
  </section>
</section>


<p xmlns="http://www.w3.org/1999/xhtml">
<b xmlns="http://www.w3.org/1999/xhtml">Marks the Firm's Third Liquidity Event This Month and Another Successful Exit for MidOcean's Business Services Vertical</b>

</p><p xmlns="http://www.w3.org/1999/xhtml">
MidOcean Partners ("MidOcean" or the "Firm"), a premier New York-based alternative asset manager specializing in middle market private equity, alternative credit, and structured equity, announced today the signing of the sale of Bora, Inc. and its subsidiaries (collectively, "Zonda" or the "Company") to CoStar Group, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/CSGP">CSGP</a>) ("CoStar Group").

</p><p xmlns="http://www.w3.org/1999/xhtml">
Zonda is the #1 data, marketplace, and software platform for the new home ecosystem. Zonda's end-to-end platform spans land discovery, homebuilding, home discovery, and homebuying, and is delivered through three integrated offerings: subscription-based data and intelligence covering more than 500 housing metrics across North America; the leading new-home marketplace in the U.S. and Canada; and a full suite of software solutions for the virtual home evaluation experience, including visualization, customization, and tours. Customers rely on Zonda's proprietary, AI-driven platform for mission-critical, daily decision making across the new home value chain.

</p><p xmlns="http://www.w3.org/1999/xhtml">
MidOcean executed a focused value creation strategy that unified disparate industry assets into a comprehensive purpose-built platform for the new home market and significantly expanded the Company's offerings across data, marketplaces, and software. During MidOcean's ownership, Zonda completed nine strategic add-on acquisitions, broadened geographic coverage, invested heavily in proprietary and patented AI-driven data collection and workflow tools, and launched new products targeted to this $27 billion+ total addressable market. The Company more than doubled in scale, materially expanded margins, and achieved more than 50 consecutive quarters of year-over-year ARR growth – demonstrating a successful track record across all housing market conditions.

</p><p xmlns="http://www.w3.org/1999/xhtml">
Sara Badham, Managing Director at MidOcean, commented, "With Zonda's visionary management team, we set out to create the preeminent platform for data, insights and technology across the residential housing ecosystem. We continually invested behind that vision, in strategic acquisitions, technology, product and talent. Zonda is a trusted partner to its customers and a trusted source of intelligence across the market. We are incredibly proud of what we have built together with the Zonda team and we look forward to watching the Company's continued success as part of CoStar Group."

</p><p xmlns="http://www.w3.org/1999/xhtml">
"MidOcean's strategic insight, operational support, and capital partnership were instrumental in transforming Zonda into the platform it is today. We are excited to combine with the CoStar Group – a global leader in real estate information, analytics, and marketplaces – and look forward to continuing to deliver exceptional value to our customers as part of a larger platform with shared ambitions," added Jeff Meyers, Founder and Chief Executive Officer of Zonda.

</p><p xmlns="http://www.w3.org/1999/xhtml">
Houlihan Lokey Capital, Inc. served as lead financial advisor to MidOcean. Solomon Partners Securities, LLC. also served as a financial advisor to the Company. Gibson, Dunn &amp; Crutcher LLP served as legal advisor to MidOcean.

</p><p xmlns="http://www.w3.org/1999/xhtml">
<b xmlns="http://www.w3.org/1999/xhtml">About MidOcean Partners
<br xmlns="http://www.w3.org/1999/xhtml"></br></b>MidOcean Partners is a premier New York-based alternative asset manager specializing in middle-market private equity, alternative credit, and structured equity. Since its inception in 2003, MidOcean Private Equity has targeted investments in high-quality middle-market companies in the consumer and business services sectors. MidOcean Credit Partners was launched in 2009 and currently manages a series of alternative credit strategies, collateralized loan obligations (CLOs), and customized separately managed accounts. In 2024, MidOcean expanded its platform to include structured equity, positioning the firm as a leading provider of capital solutions to the middle market. For more information, please visit <a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.midoceanpartners.com%2F&amp;esheet=54543852&amp;newsitemid=20260529323421&amp;lan=en-US&amp;anchor=https%3A%2F%2Fwww.midoceanpartners.com%2F&amp;index=1&amp;md5=4ffcc6cbbee683b1f0752c54a891080f" shape="rect">https://www.midoceanpartners.com/</a>.

</p><p xmlns="http://www.w3.org/1999/xhtml">
<b xmlns="http://www.w3.org/1999/xhtml">About Zonda
<br xmlns="http://www.w3.org/1999/xhtml"></br></b>Zonda is the #1 data, marketplace, and software platform purpose-built for the new home ecosystem. Leveraging more than 40 years of category leadership, Zonda serves more than 3,000 customers across the homebuilding lifecycle through proprietary data and intelligence, the leading new-home marketplaces in North America — NewHomeSource and Livabl — and integrated software solutions that power critical builder and industry workflows. Learn more at zondahome.com.

</p><p xmlns="http://www.w3.org/1999/xhtml"><img xmlns="http://www.w3.org/1999/xhtml" alt="" src="https://cts.businesswire.com/ct/CT?id=bwnews&amp;sty=20260529323421r1&amp;sid=benz2&amp;distro=nx&amp;lang=en" style="width:0;height:0"></img><span xmlns="http://www.w3.org/1999/xhtml" class="bwct31415"></span></p><p xmlns="http://www.w3.org/1999/xhtml" id="mmgallerylink"><span xmlns="http://www.w3.org/1999/xhtml" id="mmgallerylink-phrase">View source version on businesswire.com: </span><span xmlns="http://www.w3.org/1999/xhtml" id="mmgallerylink-link"><a xmlns="http://www.w3.org/1999/xhtml" href="https://www.businesswire.com/news/home/20260529323421/en/" rel="nofollow">https://www.businesswire.com/news/home/20260529323421/en/</a></span></p><p xmlns="http://www.w3.org/1999/xhtml">
<b xmlns="http://www.w3.org/1999/xhtml">MidOcean Investor Relations Contact 
</b><br xmlns="http://www.w3.org/1999/xhtml"></br><a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="mailto:ClientService@midoceanpartners.com" shape="rect">ClientService@midoceanpartners.com 
</a><br xmlns="http://www.w3.org/1999/xhtml"></br>
<br xmlns="http://www.w3.org/1999/xhtml"></br><b xmlns="http://www.w3.org/1999/xhtml">MidOcean Media: 
</b><br xmlns="http://www.w3.org/1999/xhtml"></br>Prosek Partners
<br xmlns="http://www.w3.org/1999/xhtml"></br><a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="mailto:Pro-MidOcean@prosek.com" shape="rect">Pro-MidOcean@prosek.com 
</a><br xmlns="http://www.w3.org/1999/xhtml"></br>914-552-4281

</p>

MidOcean sells Bora/Zonda to CoStar Group, signaling a strategic expansion for CSGP. Zonda delivers data, marketplaces, and software for the new home ecosystem, spanning 500+ metrics and AI-driven workflows, with ARR growth over 50 quarters and a $27B+ TAM. The close could strengthen CoStar's real estate analytics moat and unlock cross-sell opportunities across its platform.

MidOcean Partners Signs Definitive Agreement to Sell Zonda to CoStar Group

AI Summary

Sentiment Rationale

Trading Thesis

Market-Moving

Key Facts

Companies Mentioned

M&A

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