Sustainable IT disposal player Vyta plans to pursue ambitious growth and acquisition strategy.
Secure IT recycling company Vyta has acquired Essex-based IT disposal firm FGD after raising €13m from MML Growth Capital Partners Ireland.
The investment from MML will give it a minority shareholding in the Group. Meanwhile, the existing shareholders and new shareholders – consisting of four members of the Vyta senior management team and the FGD founders – have made significant investments, helping the company to pursue a growth-oriented acquisition strategy across the UK and continental Europe.
“This acquisition makes us a stronger company in a highly competitive market”
FGD will rebrand under the Vyta Group name. 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.
It 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.
Vyta estimates that the addressable market for its services in Ireland and the UK is in excess of €350M, with further market opportunities in Europe. The acquisition is the first in Vyta’s market consolidation strategy as it aims to increase its market share organically while also acquiring like-minded IT disposal companies.
It will be vital to expanding Vyta’s geographical reach as a premium IT asset disposition (ITAD) provider, and the company now expects revenues to reach €19m by the end of its financial year ending 31st May 2022, up from €8m in the previous financial year. Vyta expects to reach revenues of more than €35m by May 2026.
“This is an exciting period of growth for Vyta Group, and we are delighted to welcome our new colleagues to the team,” said Philip McMichael, founder and CEO Vyta Group. “At Vyta, we adhere to the most stringent industry standards while maintaining our commitment to having the best customer service in our industry. Therefore, 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.
“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. We greatly admire their work to date and look forward to achieving even greater things together.
“MML not only share our growth ambitions but also our sustainability ethos and dedication to growing the circular economy. The funding, along with their knowledge and experience, will be vital to us as we embark on our strategy to consolidate the UK and Europe’s ITAD market.
The FGD acquisition complements Vyta’s existing services, with a strong focus on customer service, sustainability and security. FGD customers will benefit from Vyta’s scale, extended range of services and security leadership in a market where growth is driven by increasingly stringent data regulations, such as GDPR, as well as sustainability concerns and obligations across all sectors. Vyta is one of the most accredited ITAD providers in Ireland and the UK. It holds R2 certification and the highest possible accreditation from the global IT disposal standards body, ADISA; a distinction with honours.
Pictured at top: Vyta CEO and founder Philip McMichael with chief commercial officer Faye Thomas; and Leigh Medhurst Vyta’s new chief development officer.