Genstar Capital Acquires 2020 Technologies From Golden Gate Capital
SAN FRANCISCO and LAVAL, QC, June 9, 2021 /PRNewswire/ -- Genstar Capital, a leading private equity firm focused on investments in targeted segments of the financial services, healthcare, industrials, and software industries, today announced that it has acquired 2020 Technologies Inc. ("2020") from Golden Gate Capital, a leading private equity firm. Financial terms of the transaction were not disclosed.
2020 is a global provider of specialized computer-aided design (CAD), configure, price, quote (CPQ) and enterprise solutions dedicated to interior design, space planning and furniture manufacturing. 2020's mission-critical applications provide end-to-end solutions designed to optimize efficiency and improve productivity for the Company's vast global network of customers, which includes more than 50,000 independent kitchen and bath dealers as well as many of the world's largest home improvement retailers and manufacturers.
Mark Stoever, CEO of 2020, said, "We strive to provide our customers innovative solutions that connect all phases of the buying journey – from inspiration to design, to manufacturing to installation. I'm extremely proud of our team for their relentless focus on our customers' success and we remain committed to helping them create amazing spaces for life and work. We thank Golden Gate Capital for our successful and collaborative partnership and are excited to join forces with Genstar for the next phase of our continued growth."
Eli Weiss, Managing Director of Genstar Capital who leads the firm's software practice, said, "This investment in 2020 is consistent with Genstar's strategy to invest in leading software solutions providers which automate and digitize the vertical they serve. 2020 is a market leader providing CAD/space planning software with an unrivaled digitized parts and supply catalogue that helps simplify the design process and we are excited to further invest in the technology to scale the business."
Rishi Chandna, a Managing Director at Golden Gate Capital, said, "Since we acquired 2020 four years ago, the Company has meaningfully scaled its business, including through the addition of Promob, and successfully modernized its platform by prioritizing important initiatives such as leveraging the cloud to provide enhanced solutions for designers and manufacturers. We know Mark and his team are well-positioned to carry this momentum forward and we wish 2020 all the best under Genstar's ownership."
Matthew Crump, a Principal at Golden Gate Capital, added, "2020 has a strong track record of meeting the evolving needs of designers, retailers and manufacturers in this dynamic environment. Their unwavering commitment to innovation and excellent customer service will continue to serve them well, and we firmly believe 2020 will capture the significant opportunities in front of them."
Kirkland & Ellis LLP served as legal advisor to Genstar. William Blair & Company, LLC served as financial advisor to Golden Gate Capital and Paul, Weiss, Rifkind, Wharton & Garrison LLP and Nob Hill Law Group P.C. served as legal advisors.
About 2020 Technologies Inc.
2020 helps professional designers, retailers and manufacturers in the interior design and furniture industries capture ideas, inspire innovation and streamline processes. By providing end-to-end solutions and the world's largest collection of manufacturers' catalogs, 2020 provides businesses with the software and content to be more efficient, integrated and productive. 2020 applications allow professional designers to create kitchens, bathrooms, closets and commercial offices which look as stunning on the screen as they do in reality. 2020 helps retailers to inspire the imagination of their customers and provide an on-line design and shopping experience for home projects. Our solutions for furniture and cabinet manufacturers deliver a complete manufacturing operations management capability to run their factories at maximum efficiency.
Founded in 1987 and headquartered in Laval, Quebec, 2020 employs over 850 people, has direct operations in 11 countries, and supports customers in many more locations around the world through a network of value added resellers.
For more information, visit www.2020spaces.com.
About Genstar Capital
Genstar Capital (www.gencap.com) is a leading private equity firm that has been actively investing in high quality companies for over 30 years. Based in San Francisco, Genstar works in partnership with its management teams and its network of strategic advisors to transform its portfolio companies into industry-leading businesses. Together with Genstar X and all active funds, Genstar currently has approximately $33 billion of assets under management and targets investments focused on targeted segments of the financial services, healthcare, industrials, and software industries.
About Golden Gate Capital
Golden Gate Capital is a San Francisco-based private equity investment firm with over $19 billion in cumulative committed capital. The principals of Golden Gate Capital have a long and successful history of investing across a wide range of industries and transaction types, including going-privates, corporate divestitures, and recapitalizations, as well as debt and public equity investments. Notable software investments sponsored by Golden Gate Capital include Infor, BMC Software, LiveVox, and 2020 Technologies. For more information, visit www.goldengatecap.com.
Contacts
2020 Technologies Inc.
Karen Curtis
[email protected]
(774) 215-6916
Genstar Capital
Chris Tofalli
Chris Tofalli Public Relations, LLC
(914) 834-4334
Golden Gate Capital
David Isaacs / Tori Goodell
Sard Verbinnen & Co
[email protected]
SOURCE Genstar Capital
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