IT recycling company Vyta has received a €13 million investment from MML Growth Capital Partners Ireland as the company prepares to pursue an ambitious growth and acquisition strategy.
It kicked off that strategy with the acquisition of Essex-based IT disposal company FGD, growing its team to more than 120 across its offices in Dublin, Belfast and Essex, and more than doubling annual revenues to €19 million.
Vyta, formerly known as AMI, helps organisations manage the secure retirement of their end-of-life IT, mobile and electrical equipment. The acquisition will make Vyta one of the largest IT asset disposal companies in Ireland and the UK. As part of the deal, FGD will rebrand under the Vyta name, and its 37 employees, including co-founders Leigh Medhurst as Vyta's chief development officer and Daniel Elson as chief technology officer, will move to the new entity.
The funding, which comes from the €145 million MML Growth Capital Partners Ireland Fund II, will give MML a minority shareholding in the group. The investment was also backed by members of Vyta’s management team, FGD founders and existing shareholders.
The investment will also support the company's plans for further consolidation in the IT asset disposal market, with plans for further acquisitions in the UK and Europe.
Vyta founder and chief executive Philip McMichael said it was an exciting period of growth for the company. “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,” he said. “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 IT asset disposal market.”
The expanded group is targeting revenues of more that €35 million by May 2026, out of an addressable market for its services in Ireland and the UK of more than €350 million.
"The European ITAD sector is a fast-growing but fragmented market that presents a significant opportunity for Vyta Group, " said Neil McGowan, partner and co-head of investments, MML Growth Capital Partners Ireland. "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."