Newtownabbey company which specialises in recycling of IT hardware has bought an English peer after securing £11 million investment.
Vyta has bought Essex-based IT disposal company FGD after securing funding from MML Ireland.
The IT asset disposal specialist (ITAD) said the new company will dovetail with its existing business and will allow it to grow its presence across the UK and Europe.
“It is important that we acquire like-minded ITAD companies, like FGD, who reflect our principles and exacting standards, ensuring that Vyta Group remains a company that our people are proud to be a part of,” Philip McMichael, Founder and CEO, Vyta, said. “This acquisition makes us a stronger company in a highly competitive market. Our expanded team will be immensely valuable to us as we pursue our ambitious growth plans.”
FGD will rebrand under the Vyta Group name and its 37 employees, including co-founders Leigh Medhurst and Daniel Elson, will join the group, increasing the Vyta team to over 120 across its expanded network of offices in Belfast, Dublin and Essex.
Ayta is now one of the largest IT asset disposal companies in Ireland and the UK. Leigh Medhurst is taking on the role of Chief Development Officer, and Daniel Elson is now Vyta’s Chief Technology Officer.
Formerly known as AMI, it has grown quickly in recent years, announcing the hire of 60 new recruits in 2021.
It expects revenues to climb to £16 million for the year to the end of May 2022, more than double than the £7 million recorded last year.
As well as MML, Vyta’s CEO Philip McMichael is also investing in the business, alongside existing shareholders and new shareholders.
Neil McGowan, Partner and Co-head of Investments, MML Ireland, said Vyta operates in a market with significant potential.
“The European ITAD sector is a fast-growing, but fragmented market that presents a significant opportunity for Vyta Group,” he said. “We are impressed by the company’s management team and their track record in growing the business to date, which, together with MML’s investment and support, positions Vyta optimally as a consolidator in the market.
“At MML, we are committed to investing in the circular economy. By promoting reuse over recycling, Vyta Group enables thousands of tonnes of carbon dioxide savings per year; helping some of the world’s largest enterprises to become more sustainable and contribute to a greener future for all of us. We are very excited to join Vyta Group on this journey to promote corporate sustainability and pursue rapid expansion.”
