Argand-backed Cherry buys Theobroma Systems

The acquisition aims to expand Cherry's capabilities in security technology for its peripheral infrastructure products.

The acquisition was financed via Cherry's balance sheet cash and debt.

Argand acquired Cherry in an SBO from Genui in September 2020. Unquote sister publication Debtwire reported that the deal was valued at around €200m and that the company was marketed based on EBITDA of €28m. The acquisition was backed by a unitranche debt package from Hayfin, with leverage pitched at 4.5-5x.

Company
Theobroma develops security software and hardware for embedded systems within electrical systems and devices. Its products include communication modules, system-on modules, Wi-Fi modules and evaluation kits. Its systems are used in areas including robotics, smart retail, surveillance, automation and machine learning. Founded in 2006, the company is based in Vienna and has 15 employees, according to LinkedIn.

People
Argand Partners – Dino Sawaya (principal).

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