Genstar Capital acquires 2020 Technologies from Golden Gate Capital
Genstar Capital, a private equity firm focused on investments in targeted segments of the financial services, healthcare, industrials, and software industries, has acquired 2020 Technologies Inc (2020) from Golden Gate Capital, a private equity firm. Financial terms of the transaction have not been disclosed.
2020 is a global provider of specialised 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, says: “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, says: “This investment in 2020 is consistent with Genstar’s strategy to invest in leading software solutions providers which automate and digitise the vertical they serve. 2020 is a market leader providing CAD/space planning software with an unrivaled digitised 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, says: “Since we acquired 2020 four years ago, the Company has meaningfully scaled its business, including through the addition of Promob, and successfully modernised 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, adds: “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 PC served as legal advisors.