Genui investment group acquires MX switch maker Cherry
October 20, 2016 | 18:59
Mechanical switch maker Cherry has been acquired in whole by a German private investment group, but new owner Genui claims it's in good hands.
Cherry parent company ZF Friedrichshafen AG has been looking for a buyer for some time, Michael Hankel, ZF member of the board of
management responsible for Cherry, claimed in a press release issued today. '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,' Hankel said. 'Genui offers precisely such a future and is therefore an outstanding partner for Cherry.' The result: a deal, financial terms of which have not been disclosed, which sees ZF sell its 100 percent stake in Cherry to Genui.
'Input device manufacturer Cherry is among the world’s leading mechanical keyboard switch producers and is perfectly positioned within the growing PC gaming market,' said Sumeet Gulati, Genui partner, of the deal. '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.'
Cherry, too, seems pleased by the deal. 'Cherry’s management and workforce are convinced that the Cherry Group is facing excellent development opportunities within the new ownership structure,' claimed Cherry's managing director Manfred Schöttner. '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 deal, which is due to close in November, is not thought to have any major impact on headcount or planned product launches.