Newtownabbey, a company specializing in the recycling of computer equipment, has bought an English peer after securing an investment of £11million.
Vyta bought FGD, an Essex-based IT disposal company, after securing funding from MML Ireland.
The IT asset disposal specialist (ITAD) said the new company will integrate with its existing business and allow it to increase its presence in the UK and Europe.
“It is important that we acquire like-minded ITAD companies like FGD that reflect our principles and rigorous standards, ensuring that the Vyta Group remains a company that our employees are proud to be part of,” Philip McMichael, Founder and CEO, Vita, said. “This acquisition makes us a stronger company in a highly competitive market. Our expanded team will be extremely valuable to us as we pursue our ambitious growth plans. »
FGD will rebrand as Vyta Group and its 37 employees, including co-founders Leigh Medhurst and Daniel Elson, will join the group, growing 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 rapidly in recent years, announcing the hiring of 60 new recruits in 2021.
He expects revenue to climb to £16m for the year to the end of May 2022, more than double the £7m recorded last year.
In addition to MML, Vyta CEO Philip McMichael is also investing in the company, alongside existing shareholders and new shareholders.
Neil McGowan, Partner and Co-Head of Investments, MML Ireland, said Vyta operates in a high potential market.
“The European ITAD sector is a fast-growing, but fragmented market, which presents a significant opportunity for the Vyta Group,” he said. “We are impressed with the company’s management team and their track record of growing the business to date, which, together with MML’s investment and support, optimally positions Vyta as a consolidator on the market.
“At MML, we are committed to investing in the circular economy. By promoting reuse rather than recycling, the Vyta Group saves thousands of tons of carbon dioxide per year; helping some of the world’s largest companies become more sustainable and contributing to a greener future for us all. We are very excited to join Vyta Group in this journey to promote corporate sustainability and pursue rapid expansion.