At the final offer price of 32 euros 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 ticker C3RY on the regulated market (Prime Standard) of the Frankfurt Stock Exchange (Frankfurter Wertpapierbörse). Additional details can be found here: https://www.boerse-frankfurt.de/equity/cherry-ag.

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

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

Heather faust, Managing Partner at Argand, commented: “We are delighted to support this important milestone in Cherry’s history and to 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 with the strong institutional shareholder support the company has received and the overwhelmingly positive feedback from investors throughout the process. We look forward to continuing to support Cherry’s management team in its pursuit of organic and inorganic growth. ”

Hauck & Aufhäuser acted as sole global coordinator and associate bookrunner, and ABN AMRO (in cooperation with ODDO BHF SCA) and MMWarburg & CO acted as Joint Bookrunners for the IPO.

About Argand Partners

Argand Partners is a new York and San Francisco Bay Area– A mid-sized private equity firm that targets market-leading industrial companies with underfunded and unrealized global growth potential. Argand companies have a strong market share, sustainable competitive advantages, defensive characteristics and significant growth potential supported by secular demand trends. The company focuses on specialty manufacturing and business service companies with a strong United States connection (corporate headquarters, primary growth market or majority of revenue) and often global operations or significant expansion opportunities.

Argand is a growth-oriented controlling investor who seeks complex, often contrarian situations in order to buy well. The team uses a hands-on approach to partnering with management to create value throughout the investment lifecycle and help portfolio companies realize their full potential as world-class companies and industry leaders.

More information about Argand is available on the website: www.argandequity.com

Otherwise, please contact:

Heather faust
Managing partner and co-founder
(212) 588-6470
[email protected]

About the cherry
Cherry AG, headquartered in Auerbach in der Oberpfalz, Germany, is the world’s leading manufacturer of high-end mechanical switches for the PC gaming keyboard market. Cherry is also one of the world’s leading manufacturers of computer input devices, with a focus on the gaming, office, industrial, security and healthcare markets. Cherry employs approximately 500 people in production plants and corporate branches in Germany, France, UK, China, Austria and the United States. Founded in 1953, the Cherry brand is synonymous with “German quality” products designed and developed specifically for the needs of its customers. In December 2019, the company opened a new head office and a new manufacturing plant 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, targeting both end customers and businesses that demand high performance, durability and functionality from their computer input devices.

More information about Cherry can be found on the website: www.cherry-world.com

IMPORTANT NOTICE

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

This announcement is not an offer of securities for sale in United States of America (including its territories and possessions, any state of United States and the District of Colombia, United States“). The securities referred to herein have not been and will not be registered under the US Securities Act of 1933, as amended (the” Securities Act “), or any securities laws of any state or other jurisdiction of United States, and may not be offered, sold or otherwise transferred, directly or indirectly, into or into United States in the absence of such registration, except under an exemption or in connection with a transaction not subject to registration requirements under the Securities Act, in each case in accordance with securities laws applicable securities of any state or other jurisdiction of United States. Any public offering of securities to be made in United States would be made by means of a prospectus which could be obtained from Cherry AG and which would contain detailed information on the company and management, as well as financial statements. There will be no public offering of securities in 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 on behalf of or for the benefit of, any national, resident or citizen of Australia, Canada or Japan.

SOURCE Argand Partners

Related links

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