FORT WORTH, Texas--()--20/20 Companies (“20/20”), a portfolio company of Golden Gate Capital and JP Capital Partners, today announced that it has separated from its sister company, Cydcor. Cydcor was purchased by its management and a portion of the transaction proceeds will be used to pay off all outstanding debt, leaving 20/20 debt free.
“We are pleased to strengthen 20/20 as a value-added vendor by improving its cash flow, enabling the company to more rapidly execute on its strategic growth initiatives”
“With this announcement, 20/20 is now well positioned to continue developing new business lines that better serve existing customers while enhancing its focus on retail sales for large corporate customers,” said Christopher B. Munday, Chairman and CEO of 20/20.
20/20 is one of the country's largest outsourced direct sales and management solutions providers, serving Fortune 500 clients for over two decades. Through a nationwide network of sales professionals, 20/20 provides end-to-end sales, staffing and marketing solutions for numerous channels including retail events, consumer and business-to-business services to clients across a variety of industries.
“20/20 is now positioned to capitalize on the significant market opportunities ahead, particularly in the in-store retail sales and event management segments,” added Munday. “The company’s enhanced financial position will enable us to concentrate on initiatives that support growth as a multi-channel sales organization, while an enhanced balance sheet and cash position will allow us to aggressively pursue acquisitions and other business opportunities.”
“We are pleased to strengthen 20/20 as a value-added vendor by improving its cash flow, enabling the company to more rapidly execute on its strategic growth initiatives,” said Prescott Ashe, a Managing Director of Golden Gate Capital. “This announcement provides the company’s management team with additional flexibility to build out new business lines and better serve existing customers. We are extremely excited for 20/20’s bright future.”
Terms of the transaction were not disclosed. Kirkland and Ellis LLP served as legal advisor to 20/20 Companies in the transaction.
About 20/20 Companies
20/20 Companies is one of the country’s largest direct sales force and management solution providers. Committed to excellence and customer satisfaction built on long-term relationships, 20/20 Companies’ teams are professional, well trained and motivated towards success in the areas of consumer sales, business-to-business sales, retail sales staffing and event marketing. 20/20 Companies is an equal opportunity employer. For more information, visit www.2020companies.com.
About Golden Gate Capital
Golden Gate Capital is a San Francisco-based private investment firm with approximately $12 billion of capital under management. The principals of Golden Gate 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. For additional information, visit www.goldengatecap.com.