New ownership provides investment platform for long-term growth
WESTWOOD, MA, LAVAL, QC and SAN FRANCISCO, CA, May 1, 2017 /CNW/ - 20-20 Technologies Inc. ("2020") today announced that it has entered into a definitive agreement to be acquired by Golden Gate Capital, a leading private equity investment firm. The terms of the transactions were not disclosed.
2020 is the only global provider of applications, solutions and content for interior space planning, omni-channel retail and furniture manufacturing, delivering an end-to-end solution that offers a compelling alternative to ad hoc integration of multiple source component products. Founded in 1987, the company has developed an unmatched depth of knowledge of interior design and space planning to maintain an unbroken history of market and thought leadership. 2020 customers include many of the world's largest home improvement retailers and manufacturers, as well as tens of thousands of local, independent kitchen and bathroom dealers.
"We are delighted to welcome 2020 into our portfolio," said Rishi Chandna, a Managing Director at Golden Gate Capital. "2020 provides the mission-critical solutions that designers, dealers, retailers and manufacturers rely on to create amazing spaces for home and work. As the retail landscape accelerates toward an omni-channel approach, 2020 has the products, technology and team to build upon their position as the global leader in this market."
2020 will remain headquartered in Laval, Quebec and Westwood, Massachusetts and will continue to be led by its current senior management team, including Mark Goldstein, Chief Executive Officer.
"Our customers are the most important part of our business," said Mr. Goldstein. "We have a very serious responsibility to provide them new and better ways to help them profitably run their businesses, which requires us to always invest in ideas and technology that will keep us ahead of market trends and dynamics. The long-term strategic approach of Golden Gate Capital and the confidence they have in 2020 make them the perfect partner to inspire us toward an exciting new phase of growth in our company's evolution."
The transaction is expected to close in the second quarter of 2017. William Blair & Company LLC acted as the exclusive financial advisor to 2020. Sidley Austin is acting as legal advisor to 2020. Goldman Sachs Specialty Lending Group agreed to provide debt financing in connection with the transaction. Kirkland & Ellis and Nob Hill Law Group are serving as legal advisors to Golden Gate Capital.
About Golden Gate Capital
Golden Gate Capital is a San Francisco-based private equity investment firm with over $15 billion of capital under management. 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. Golden Gate Capital is one of the most active software investors in the world. Other notable software investments sponsored by Golden Gate Capital include Infor, BMC Software, Ex Libris, Micro Focus and LiveVox. For more information, visit www.goldengatecap.com.
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 Westwood, Massachusetts and Laval, Quebec, 2020 employs over 500 people, has direct operations in 11 countries, and supports more than 19,000 customers with over 100,000 users, with additional customers around the world supported through a network of value added resellers. For more information, visit our website www.2020spaces.com.
For further information: Media Contacts: For Golden Gate Capital: Sard Verbinnen & Co, David Isaacs / Alyssa Linn, +1 415-618-8750 / +1 310-201-2040; For 2020: Karen Curtis, [email protected], +1 774-215-6916