Casey's stake in PCH now at €150m as IPO off menu
Firm wants to nurture Irish start-ups
Liam Casey's stake in Cork headquartered global product development and supply chain management group PCH International has surged in value to over €150m.
CEO Casey, who owns a 30 per cent stake in the company, reported group turnover surged by 72 per cent to €510m last year, driven by world demand for accessories for smartphones, tablets and eReaders.
The firm's strong financial performance combined with raising new capital of $30m from a combination of existing and new investors places a valuation of over half a billion euro on the entire company.
PCH made a gross profit of €50.8m and a net profit of €12.9m for the business, which works with some of Silicon Valley's biggest companies, including Apple.
In an interview with the Sunday Independent, Casey said PCH hoped to bring up to four Irish start-ups into its new accelerator programme which is designed to turn start-ups with good ideas into international companies.
"There are great opportunities for Irish companies," Casey said. We have a platform which goes end-to-end so we are looking for entrepreneurs who can build great companies, not just one product."
Casey has been nicknamed "Mr China", for his close links with Asia where he has a number of manufacturing facilities. Casey said he hoped to shorten companies' product development cycles and ensure they needed less inventory before going after sales in Europe, America and China.
Imelda Hurley, chief financial officer with PCH, said the company expected to continue to expand rapidly.
"We are very comfortable with where we are and we are building scale for the future," she said.
These included, she said, recent acquisitions of Dublin-headquartered TNS Distribution, a European distributor of consumer electronic products and accessories; and Lime Lab, a Californian product development company.
PCH has previously looked at a flotation in Asia but Casey said this was currently "not on the cards". Hurley, a former executive with UK-listed Greencore said: "We are in no rush to do an IPO. We are focused on building a company that can have all of those options so we can choose the right one." Casey added: "If we ever did want to get into a public arena we have somebody [Hurley] who understands the challenges and the opportunities."
Casey said PCH was growing so fast because it was deepening its relationships with its clients. "Clients are coming to us looking for much bigger solutions. They want us to look at the entire supply chain," he said.
Sunday Indo Business