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October 14, 2020

Argand Partners’ Cherry Acquires Software Company Theobroma

Theobroma transaction secures critical security software technology and strengthens Cherry’s position as a leading provider of high-security peripheral infrastructure

NEW YORK, Oct 14, 2020 – Argand Partners, LP (“Argand”), a leading private equity firm focused on the industrial sector, today announced that its portfolio company, Cherry GmbH (“Cherry”), the world’s leading global designer and manufacturer of high-precision keyboard PC gaming switch technology, has completed the acquisition of Theobroma Systems Design and Consulting GmbH (“Theobroma”), a leading developer and manufacturer of embedded platform systems.

Theobroma is a developer of hardware and software solutions for a range of end-markets. Its products are used in a variety of applications including robotics, surveillance, digital signage, smart retail, human machine interface/automation, and artificial intelligence. The company is headquartered in Vienna, Austria.

This transaction represents the first of several strategically valuable bolt-on acquisitions planned for Cherry under Argand’s ownership. Cherry is the world’s leading global designer and manufacturer of high-precision keyboard switch technology for PC gaming and professional use computing peripheral products. The company designs and manufactures premium key switches for mechanical keyboards, branded gaming peripherals, computer input devices (including mice and keyboards), and products for high-security and point of sale peripheral applications.
Theobroma designs and develops the security software and hardware technology for embedded systems. The acquisition of Theobroma secures critical security technology for Cherry’s high-security peripheral infrastructure products and brings Theobroma’s significant development expertise in-house. Future applications are anticipated to include payment solutions and enhanced software functionality across Cherry’s broader product portfolio.

Dino Sawaya, Principal at Argand, commented, “We are delighted to support this strategic acquisition and welcome Theobroma into the Cherry family. Theobroma solidifies Cherry’s technology leadership in the development of data input devices designed for use in high-security environments, which are increasingly important in a highly connected world where cyber security threats are only growing in frequency and severity. The acquisition of Theobroma is a great example of the Argand playbook – a proprietary transaction that amplifies our portfolio company’s existing competitive advantages, that is highly synergistic, and lays the foundation for accelerated expansion under our ownership.”

About Argand Partners
Argand Partners is a New York and San Francisco Bay Area-based middle-market private equity firm that targets market-leading industrial companies with under-resourced and unrealized global growth potential. Argand companies have strong market share, sustainable competitive advantages, defensive characteristics, and significant growth potential supported by secular demand trends. The firm focuses on specialty manufacturing and business services companies with a strong U.S. nexus (headquarters, primary growth market, or majority of revenue) and often significant global operations or expansion opportunities.

Argand is a growth-oriented control investor that seeks complex, often contrarian, situations in order to buy well. The team employs a hands-on approach to partnering with management to create value across the investment lifecycle and help portfolio companies achieve their full potential as world-class, industry-leading companies.

Further information on Argand can be found on the website:

About Cherry
Cherry GmbH, headquartered in Auerbach in der Oberpfalz, Germany, is the world’s leading manufacturer of premium mechanical switches for the PC gaming keyboard market. Cherry is also a leading global manufacturer of computer input devices with a focus on the Gaming, Office, Industry, Security and Healthcare markets. Cherry employs approximately 400 people in production plants and corporate branches in Germany, France, UK, China and the USA. Founded in 1953, the Cherry brand is synonymous with “German-quality” products that are designed and developed specifically for the needs of its customers. In December 2019, the company opened a new headquarters and manufacturing facility in Auerbach, Germany, reflecting Cherry’s new values of ‘Workplace of the Future’ and ‘New Work’. Cherry brings high quality, passion and design to the world of work, addressing end customers and companies alike who demand high performance, durability and functionality from their computer input devices.

Further information on Cherry can be found on the website:

Further information on Theobroma can be found on the website:

For more information about Argand, Cherry or the Theobroma transaction, contact:
Tariq Osman
Partner & Co-Founder
Argand Partners
(212) 588-6470

Argand Partners
Club Row Building
28 West 44th Street, Suite 501
New York, NY 10036, USA
+1 212-588-6477