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Equity Story

Equity Story

Equity Story

Cherry is a globally operating manufacturer of high-end mechanical keyboard switches and computer input devices for applications in the fields of gaming, e-sports, office, industry, and healthcare. Since it was founded in 1953, Cherry has been synonymous with innovative, high-quality products developed specifically to meet the various needs of its customers.

In 1983, Cherry invented the first mechanical switches for keyboards and is the world’s leading supplier of mechanical keyboard switches. Cherry Europe GmbH is responsible for development, production and sales. Due to its exceptional international brand recognition and quality leadership, leading global peripheral equipment suppliers recommend Cherry’s switch technology to their end customers. The characteristics of the MX Ultra Low Profile switch, which was first developed in 2021 and is only 3.5 mm high, make it possible to integrate mechanical switches in gaming and high-end office notebooks for the first time worldwide.

Cherry also offers various PC gaming peripherals of its own, such as keyboards, mice, and headsets – all precisely tailored to suit the needs of professional users in the fields of gaming and e-sports. Cherry’s gaming keyboards are manufactured using almost fully automated assembly machines at the company’s site in Zhuhai, China, and sold with resounding success, primarily through distributors and online platforms in the major gaming markets of the Asia-Pacific region.

The PC peripherals are specially designed for use in office and industrial applications. The Cherry product range comprises a broad variety of different devices in numerous color and country variants. Sales are mainly conducted by regional and national distributors in Europe, the USA and Asia, and increasingly also online to end users on a direct-to-consumer basis. Cherry also supplies prestigious international corporations as well as public institutions.

Furthermore, Cherry operates with outstanding success as one of only two approved providers of systems for connecting to the German telematics infrastructure (TI) in the healthcare sector. The state-of-the-art ST-1506 e-health terminal is certified by the German Federal Office for Information Security (BSI) and sold on the market by specialized systems integrators.

Investment Highlights

Global market leader

Global market leader

Established market position as global market leader for mechanical gaming keyboard switches

Innovation and quality leadership

Innovation and quality leadership

Impressive track record since 1953 in developing high-quality product innovations

Brand recognition

Brand recognition

High international brand recognition and brand loyalty in core markets

Blue chip customer base

Blue chip customer base

Prestigious customers place their trust in reliable, high-quality Cherry technology

Global multichannel sales

Global multichannel sales

Comprehensive mix of sales channels (distributors, resellers, systems houses, retailers, e-tailers, DTC)

Scalable production base

Scalable production base

Highly automated assembly machines and warehouse robotics

Solid financial profile

Solid financial profile

High profitability and attractive cash conversion

Objectives

  • Rapid market penetration with MX Ultra Low Profile switches in the high-end gaming and office notebook market segments, and the market launch of an innovative analog switch technology with specific performance benefits for professional gamers
  • Expansion of our market position for gaming devices in the Asian region with a diversified product portfolio and centralized gaming utility software as an ecosystem
  • Targeted expansion of the product portfolio for office peripherals, including creators, with regional market penetration in Europe and North America and the expansion of direct-to-consumer business
  • Rapid market penetration of the German telematics infrastructure in the healthcare sector across all user groups with the ST-1506 e-health terminal and the PP-1516 PIN pad and, from 2025, the exploitation of strategic potential for the market launch of software-based products and applications

Key Figures

€ thousands FY 20181 FY 20191 FY 20201 FY 2021
Revenue 100,085 114,723 130,204 168,526
Thereof: GAMING 50,706 61,379 73,532 82,800
Thereof: PROFESSIONAL 49,175 53,358 56,672 85,700
EBITDA (adjusted)2 20,947 29,741 37,132 48,885
EBITDA margin (adjusted)2 20.9% 25.9% 28.5% 29.0%
EBIT (Adjusted)2 13,724 20,355 26,848 33,697
Consolidated net profit/loss 9,293 12,515 17,537 9,287
Free cash flow 10,416 12,731 16,438 (6,600)
1In the 2020 fiscal year, the Cherry AG Group did not yet exist in its current structure. Therefore, unaudited comparative figures for the Cherry Holding Group are presented for the previous year’s corresponding period.
2Adjusted for one-time and/or non-operating items.

No Facts and Figures available!!

Management Board

Rolf Unterberger

(CEO)

Rolf Unterberger

(CEO)

Rolf Unterberger was born in 1966 in Zurich, Switzerland. He has a degree in mechanical engineering (Maschinenbau-Ingenieur) from the Higher Technical Institute in Klagenfurt, Austria, and a degree in industrial engineering (Wirtschaftsingenieur) from the Mittweida University of Applied Sciences in Germany. Mr. Unterberger is an internationally experienced executive manager with 28 years of experience in various industries (telecommunications, IT services, media, high tech, software services and professional services), countries and management positions. Previous stations include, among others, diverse interim management mandates on a C-Level, Chief Sales and Marketing Officer at Frequentis AG and partner and managing director at Accenture.

Furthermore, Rolf Unterberger is chairman of the Advisory Board of ASSMANN Holding GmbH, Lüdenscheid, Germany.

Bernd Wagner

(CFO)

Bernd Wagner

(CFO)

Bernd Wagner was born in 1961 in Munich, Germany. He has a degree in business administration (Betriebswirtschaftslehre) from the Ludwig Maximilian University in Munich, Germany. Mr. Wagner is an internationally experienced executive manager with more than thirty years of experience in various industries (IT services, restructuring, private equity, healthcare, aviation, furniture industry and professional services), countries and management positions. Previous stations include, among others, management and supervisory board membership at Internationale Möbel-Selection AG, Chief Restructuring Officer at Nexpert AG and Chief Financial Officer at NorCom Information Technology AG.

Dr. Udo Streller

(COO)

Dr. Udo Streller

Dr. Udo Streller

(COO)

Dr. Udo Streller was born on December 1967 in Kleinmachnow, Germany. He holds a master degree in physics and received his PhD in physics in 1997 from Freie Universität Berlin, Germany. Dr. Udo Streller has more than 20 years of management experience spanning the entire range of operational excellence, including constructing and managing factories, research and development, product management, and supply chain management as well as procurement. His most recent position was that of Chief Operations Officer at Enics AG, Zurich.

Supervisory Board

Marcel Stolk

Chairman of the Supervisory Board

Marcel Stolk

Chairman of the Supervisory Board

Marcel Stolk was born in 1967 in Middelburg, The Netherlands. From 1991 until 2005 he worked for Logitech Group, most recently as Senior Vice President Worldwide Sales & Marketing and as member of the senior management of Logitech International S.A. In 1998, he also completed the executive program in international executive management at Stanford Graduate School of Business. He returned as a member of the Board of Directors of Logitech Europe S.A. from 2011 to 2019 and Executive Chairman Logitech Europe and from April 2013 to April 2019 as Senior Vice president Consumer Computing Platform Business group.

James Burns

Deputy Chairman of the Supervisory Board, Chairman of the Audit Committee

James Burns

Deputy Chairman of the Supervisory Board, Chairman of the Audit Committee

James Burns was born in 1964 in San Francisco. California, United States. He studied Accounting at Santa Clara University, California, United States, where he received a bachelor's degree in accounting in 1986. From 2013 to 2016, Mr. Burns was Executive Vice President and Chief Financial Officer of Silver Spring Networks, Inc., a provider of smart grid products headquartered in San Jose, California, United States. From 2016 to 2017, he was Chief Financial Officer at Accela, Inc., a provider of a cloud-based platform of solutions for governmental customers. Since 2017, he works as an independent consultant at Jim Burns Consulting. In addition, he is an adjunct lecturer at Santa Clara University, Leavey School of Business, Santa Clara, California, United States. James Burns also served on the Advisory Board of the Leavey School of Business (2013 to 2020) and on the Advisory Board of the Ignatian Center for Jesuit Education, Santa Clara University, California, United States (from 2012 to 2021). Furthermore, since 2020, he is a member of the Advisory Board of Cristo Rey High School Work-Study, San José Jesuit High School, San Jose, California, United States.

Joachim Coers

Member of the Personnel & Compensation Committee

Joachim Coers

Member of the Personnel & Compensation Committee

Joachim Coers was born in 1965 in Mulheim/Ruhr, Germany. Since 1991 he holds a diploma in economics (Diplom-Volkswirt) from the Rheinische Friedrich-Wilhelms University in Bonn, Germany. From 1993 to 2004, he worked for the Daimler-Benz Group in different divisions (debis Services, Trucks NAFTA, Railsystems, Passenger Cars Asia) and locations (Frankfurt am Main and Berlin, Germany, Portland, Oregon, USA, Tokyo, Japan). From 2004 to 2013 he worked for MTU Friedrichshafen GmbH & Tognum AG in Friedrichshafen, Germany as member of the management board, in the beginning as CFO and labor director and later as CEO.

Joachim Coers is a member of the following administrative, management or supervisory bodies, or a member in comparable German or foreign supervisory bodies, or a partner in the following companies outside the Group: KAP AG, Fulda, Germany (Chairman of the Audit Committee, Member of the Supervisory Board), ensian group GmbH, Leutkirch im Allgäu, Germany (Member of the Advisory Board).

Heather Faust

Chairwoman of the Personnel & Compensation Committee, Member of the Audit Committee

Heather Faust

Chairwoman of the Personnel & Compensation Committee, Member of the Audit Committee

Heather Faust was born in 1979 in New Jersey, United States. In 2002, she received a bachelor of science in engineering degree from Princeton University, Princeton, New Jersey, United States. In 2008, she received a master of business administration degree from Harvard Business School, Cambridge, Massachusetts, United States. From 2008 to 2015, she was an investment professional at the private equity firm Castle Harlan, Inc., New York, New York, United States. During her time at Castle Harlan, Inc. she was a member of the Board of Directors of Ames True Temper, Inc., IDQ Holdings, Inc. and Baker & Taylor, Inc. In 2015, she was a Managing Partner of the private equity firm CHI Private Equity, the successor entity to Castle Harlan, Inc. In 2015, she co-founded the private equity firm Argand Partners and is a Managing Partner of Argand Partners, LP, New York, New York, United States.

Heather Faust is a member of the following administrative, management or supervisory bodies or a member in comparable German or foreign supervisory bodies or a partner in the following companies outside the Group: Grosse Point Beacon Acquisition, Inc. (Chairwoman of the Board of Directors), OASE Management GmbH, Hörstel, Germany (Chairwoman of the Advisory Board), Sigma Electric Manufacturing Corporation, Garner, North Carolina, United States (Member of the Board of Directors), Concrete Pumping Holdings, Inc., Thornton, Colorado, United States (Member of the Board of Directors).

Steven M. Greenberg

Chairman of the Nomination Committee

Steven M. Greenberg

Chairman of the Nomination Committee

Steven M. Greenberg was born in 1970 in Portsmouth, Virginia, United States. He studied economics and electrical engineering at Columbia University in New York, New York, United States, where he received a bachelor's degree in economics in 1992 and a bachelor's degree in electrical engineering in 1993. From 1993 to 1994, he worked as a programmer analyst at Datacor, Inc. From 1994 to 1995, he worked at Quantachrome Corporation as a research & development engineer and from 1995 to 1996 as a software engineer at SIRS, Inc. Between 1997 and 2003, he worked at different law firms, and in 1999, he received a Juris Doctor (J.D.) degree from the University of Florida, Gainesville, Florida, United States. In 2006, he co-founded the law firm Carey Rodriguez Greenberg O'Keefe, LLP, where he was Partner and Head of Intellectual Property Transactions until 2013. From 2014 to 2018, he was Partner and Head of Intellectual Property Transactions at CRGO Greenberg, LLC, the successor firm formed from Carey Rodriguez Greenberg O'Keefe.

Steven M. Greenberg is a member of the following administrative, management or supervisory bodies or a member in comparable German or foreign supervisory bodies or a partner in the following companies outside the Group: Shutts & Bowen LLP (Contract partner), Ardent Medical Corporation (President).

Tariq Osman

Member of the Nomination Committee, Member of the Personnel & Compensation Committee

Tariq Osman

Member of the Nomination Committee, Member of the Personnel & Compensation Committee

Tariq Osman was born in 1978 in Khartoum, Sudan. He received a bachelor of electrical & electronic engineering degree from the University of Adelaide, Adelaide, Australia, in 1997 and a master of engineering (telecommunications) degree from Macquarie University, Sydney, Australia, in 1999. He started his professional career in 1999 at Gutteridge, Haskins & Davey Limited, Sydney, Australia, where he worked as an energy consultant. In 2003, he joined the private equity firm Castle Harlan, Inc., New York, New York, United States, where he worked in various functions until 2015 and most recently (in 2015) was Managing Partner of CHI Private Equity. In 2006, he also received a master of applied finance degree (executive program) from Macquarie University, Sydney, Australia, and in 2012 a master in business administration degree (executive program) from The Wharton School of the University of Pennsylvania, Philadelphia, Pennsylvania, United States. In 2015, he co-founded the private equity firm Argand Partners, New York, New York, United States. From 2019 to 2021, he was a member of the Board of Directors of Sigma Electric Manufacturing Corporation, where he served as Chairman from October 2016 to January 2020. From July 2017 to December 2018, he was Director & Executive Vice President at Industrea Acquisition Corp., which was a special purpose acquisition company for the purpose of the business combination with Concrete Pumping Holdings, Inc. From 2018 to 2021, Tariq Osman was as member and Vice Chairman of the Board of Directors of Concrete Pumping Holdings, Inc.

Dino Sawaya

Member of the Audit Committee, Member of the Nomination Committee

Dino Sawaya

Member of the Audit Committee, Member of the Nomination Committee

Dino Sawaya was born in 1983 in Sydney, Australia. He received a Bachelor of Commerce degree from The University of New South Wales, Sydney, Australia, in 2004. In 2007, he received Bachelor of Laws degree from The University of Sydney, Sydney, Australia. He started his professional career in 2008 as an analyst in investment banking at Deutsche Bank (Deutsche Australia Limited), Sydney, Australia. In 2011, he moved to Australian private equity firm CHAMP Private Equity where he worked for CHAMP Group Services Pty Ltd as an Associate until 2014. In 2015 he joined New York based private equity firm Argand Partners, where between 2015 and 2018 he was a Vice President and from 2019 onwards a Principal of Argand Partners, LP, New York, New York, United States. From August 2013 to July 2018, he was a member of the Board of Directors of Paddington Bay Pty Ltd, and from October 2014 to November 2018 a member of the Board of Directors of Paddington Bay Partners Pty Ltd.

Dino Sawaya is a member of the following administrative, management or supervisory bodies or a member in comparable German or foreign supervisory bodies or a partner in the following companies outside the Group: TeleGeography Corporation, Washington D.C., United States (member of the board of directors), Seybert’s Billiards Corporation, Coldwater, United States (member of the board of directors), Apartment Guardian Inc., Los Angeles, United States (member of the board of directors), OASE Management GmbH, Steinfurt (member of the advisory board)