Tom Metcalf (Bloomberg) -- Data center operator Switch Inc.’s surge in its trading debut reveals a hidden billionaire in California.
Investor Dennis Troesh controls 14.7 percent of Switch, which on Friday staged this year’s third-biggest technology IPO in the U.S., climbing as much as 46.5 percent. The Bloomberg Billionaires Index values his net worth at $2.2 billion, based on the stock’s $22 trading price as of 12:04 p.m. in New York.
Troesh, who’s never appeared on an international wealth ranking, built his fortune in the cement business and turns 70 this month, according to Nexis. The billionaire and company representatives didn’t respond to requests for comment.
Troesh sold concrete producer Robertson’s Ready Mix to Mitsubishi Materials Corp. in a series of deals that valued the company at $2 billion in 2012. He also owns a $284 million office tower in Charlotte, North Carolina; a hotel in Washington; and a Macy’s store in Nevada, according to data compiled by researcher RCA.
A devout Seventh Day Adventist, Troesh gave $100 million to fund the expansion of a hospital in Riverside, located an hour east of Los Angeles. He’s the second-largest shareholder of Switch after founder Rob Roy, according to the Las Vegas-based company’s prospectus. Roy controls a 17.6 percent stake in the business that’s valued at $875 million.