Casey's PCH stake could be worth up to at €100m as stock market beckons
Corkman Liam Casey is considering floating his fast-growing smartphone accessory production and supply firm PCH in a move that could value the company at close to €300m and catapult the former fashion chain boss into the ranks of the super-rich.
The Irish-helmed company is now one of the principal players in the Chinese and Asian markets for accessories for iPhones and other gadgets.
Last week PCH spent €21m buying Irish distribution outfit TNS, which means it can bring its products from the design phase through production and delivery to shops. This makes PCH unique among its competitors.
Mr Casey and his management team own close to 45 per cent of the company, with a swathe of US venture capitalist companies, the Singapore sovereign wealth fund and a Hong Kong family investment group owning most of the rest of the shares.
PCH has raised close to €40m from investors this year and around €15m back in 2008. The company is believed to have examined a number of future funding options including an IPO. It is thought that PCH would seek a stock market listing in Hong Kong. PCH had sales of close to €320m last year, more than double the previous year.
Mr Casey, who used to run the Club Tricot Marine fashion chain in Ireland, set up PCH 16 years ago. In 2003 he received an offer for the company but turned it down. PCH is now worth far more than the original offer. Mr Casey's is the largest shareholder, with a stake worth up to €100m based on current valuations.
Sunday Indo Business