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Private equity firm buys mechanical keyboard switch maker Cherry

Posted on Friday, October 21 2016 @ 13:03:18 CEST by

German computer peripheral maker Cherry, best known for its keyboards and its MX mechanical switches, has been acquired by German private investment firm GENUI. The transaction is expected to close in November and requires no regulatory approvals. Financial details aren't disclosed but the announcement mentions Cherry sold roughly 80 million EUR worth of products in 2015.

Overall the announcement remains rather vague, with the usual statements about how this deal will create "excellent growth prospects" for Cherry, but it also stresses that GENUI intends to be a long-term partner.
German private investment company GENUI and the Cherry management has announced the acquisition of the international Cherry Group from ZF Friedrichshafen AG. Excellent growth prospects for the computer input device manufacturer and its employees will result from the investment.

"It was very important to us to find a new owner for Cherry that would offer the company and its employees a solid future with good prospects," explains Michael Hankel, ZF member of the Board of Management responsible for Cherry. "GENUI offers precisely such a future and is therefore an outstanding partner for Cherry." ZF will sell its 100-percent share in the subsidiary as it concentrates investment in its core business. The Cherry Group posted sales of roughly €80 million in 2015. It has 380 employees worldwide, 280 of whom work at the company's headquarters in Auerbach, situated between Nuremberg and Bayreuth.

Hartmut Jenner and Joachim Coers are experienced entrepreneurs who will advise Cherry's management on a consultancy basis. Thanks to this commitment, outstanding developmental opportunities exist for the company and its workforce, creating excellent growth prospects for Cherry.

"Input device manufacturer, Cherry, is among the world's leading mechanical keyboard switch producers and is perfectly positioned within the growing PC gaming market", explains Dr. Sumeet Gulati, partner of GENUI. "GENUI is convinced that the experience and networks of both advising entrepreneurs constitutes a valuable partnership. Cherry will benefit from the planned investments, structure and strategy which have been set out for long-term growth."

Sonja Hahn, chairwoman of the ZF and Cherry works council at the Auerbach location, was very positive about the new owner: "GENUI presented itself to the works council as a reliable and long-term partner. We placed particular value on the commitment to current collective agreements, co-determination and to the Auerbach location."

Cherry Managing Director Manfred Schöttner adds: "Cherry's management and workforce are convinced that the Cherry Group is facing excellent development opportunities within the new ownership structure. It gives us the opportunity to leverage the existing market potential of the Cherry brand, worldwide. We are looking forward to working with both experienced consultants and GENUI."

The takeover which requires no regulatory approvals is planned for conclusion in November this year. Details of the financial agreement will remain undisclosed.
Cherry switch

Via: TPU



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