Casey's PCH raises €20m in funding drive
Published 08/06/2011 | 05:00
PCH International, the outsourcing manufacturer established by Liam Casey that counts consumer giant Apple among its customers, has raised $30m (€20m) in a fresh fundraising backed by Singapore wealth fund Temasek Holdings.
The deal also brings on board as a shareholder US investor and entrepreneur Christopher Burch.
Existing investors, including Norwest Venture Partners, Triangle Peak Partners, Cross Creek Capital and Fung Capital also participated in the latest round, which follows a $26m fundraising that was undertaken late last year.
That deal in 2010 had valued PCH at about $250m and diluted Mr Casey's stake in the business to approximately 42pc from 53pc. The latest fundraising may have had a similar impact.
Mr Casey welcomed the fresh equity, saying that the investment came at an "exciting time of growth and development" for PCH.
He said the company would be taking advantage of new opportunities in Asia and Europe.
PCH fulfils supply chain functions for companies such as Apple, Dell and Amazon by designing and shipping accessories for the companies.
Clients also include firms that sell medical devices.
Profits at PCH rose to $14.2m last year as turnover at the group jumped 170pc to almost $413m.
It employs over 1,300 people, almost 1,000 of them in China.