Skip to main content

June 29, 2021

Argand Partners’ Cherry Successfully Completes IPO on the Frankfurt Stock Exchange

Oversubscribed IPO sets equity market capitalization at EUR 778 million and raises EUR 416 million

NEW YORK, June 29, 2021 –  Argand Partners, LP (“Argand”), the New York- and San Francisco Bay Area-based industrials private equity firm, today announced that its portfolio company, Cherry AG (“Cherry” or “the Company”), the world’s leading global designer and manufacturer of high-precision keyboard PC gaming mechanical switch technology, has successfully completed its IPO on the Frankfurt Stock Exchange.

At the final offer price of EUR 32 per share, the total volume of the IPO was significantly oversubscribed.  Cherry’s 24,300,000 shares began trading this morning, June 29, 2021, under the ticker C3RY on the regulated market (Prime Standard) of the Frankfurt Stock Exchange (Frankfurter Wertpapierbörse). Additional details can be found here:

The total number of shares and the final offer price corresponds to a market capitalization of approximately EUR 778 million. The total volume of primary and secondary shares placed in the IPO amounts to approximately EUR 416 million.

The Company’s gross proceeds from the placement of the 4,300,000 new shares amounts to EUR 138 million. Cherry intends to use the net proceeds from the IPO to (i) fuel organic growth, in particular to advance and expand Cherry’s position as a global brand and innovation leader, (ii) drive inorganic growth through selective acquisitions, and (iii) repay certain outstanding debt in connection with a refinancing of existing debt.

Heather Faust, Managing Partner at Argand, commented, “We are thrilled to support this significant milestone in Cherry’s history, and realize significant value for our investors. Cherry is a world-class company and well positioned to advance and expand its position as a global brand and innovation leader. We are delighted by the strong institutional shareholder support the company received, and the extremely positive feedback from investors throughout the process. We look forward to continuing to support Cherry’s management team as they pursue further organic and inorganic growth.”

Hauck & Aufhäuser acted as Sole Global Coordinator and Joint Bookrunner, and ABN AMRO (in cooperation with ODDO BHF SCA) and M.M.Warburg & CO acted as Joint Bookrunners for the IPO.

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:

Alternatively, please contact:
Heather Faust
Managing Partner & Co-Founder
(212) 588-6470

About Cherry

Cherry AG, 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 500 people in production plants and corporate branches in Germany, France, UK, China, Austria 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:


This announcement does not contain or constitute an offer of, or the solicitation of an offer to buy or subscribe for, securities to any person in the United States, Australia, Canada, Japan or in any jurisdiction to whom or in which such offer or solicitation is unlawful.

This announcement is not an offer of securities for sale in the United States of America (including its territories and possessions, any state of the United States and the District of Columbia, the “United States”). Any securities referred to herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”), or the securities laws of any state or other jurisdiction of the United States, and may not be offered, sold or otherwise transferred, directly or indirectly, in or into the United States absent such registration, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements under the Securities Act, in each case in compliance with any applicable securities laws of any state or other jurisdiction of the United States. Any public offering of securities to be made in the United States would be made by means of a prospectus that could be obtained from Cherry AG and that would contain detailed information about the company and management, as well as financial statements. There will be no public offer of the securities in the United States.

Subject to certain exceptions under applicable law, the securities referred to herein may not be offered or sold in Australia, Canada or Japan or to, or for the account or benefit of, any national, resident or citizen of Australia, Canada or Japan.