Vyta acquires computer recycling company FGD


Following a €13 million investment from MML Growth Capital Partners Ireland


Giles Ward, Daniel Elson, Leigh Medhurst, Faye Thomas and Philip McMichael, Vyta

Secure IT recycling company Vyta Group has acquired Essex-based IT disposal company FGD, following a €13 million investment from MML Growth Capital Partners Ireland (MML). MML’s investment will give it a minority stake in the Group.

Existing shareholders and new shareholders, which consist of four members of Vyta’s management team and the founders of FGD, have made significant investments, helping the company pursue a growth-oriented acquisition strategy in UK and Continental Europe.

FGD will rebrand as Vyta Group. Its 37 employees, including co-founders Leigh Medhurst and Daniel Elson, will join the group, bringing the Vyta team to more than 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.

As part of the deal, Leigh Medhurst will take on the role of chief development officer and Daniel Elson will become Vyta’s chief technology officer.

Vyta estimates that the addressable market for its services in Ireland and the UK exceeds €350 million, with further market opportunities in Europe.

The acquisition is the first in Vyta’s market consolidation strategy, which aims to grow its market share organically while acquiring like-minded IT disposal companies. Expanding Vyta’s geographic reach as a premium IT asset disposition (ITAD) provider will be key, and the company now expects revenue to reach €19 million by the end of its fiscal year ending May 31, 2022, compared to €8 million in the previous fiscal year.

Vyta said he expects to reach revenues of more than 35 million euros by May 2026.

The acquisition of FGD complements Vyta’s existing services, with a strong focus on customer service, sustainability and safety. FGD customers will benefit from Vyta’s scale, breadth 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; distinction with honours.

Its two subsidiary brands help consolidate Vyta’s position in the market: DiskShred, which provides secure on-site hard drive and media shredding in the UK and Europe; and RefreshedByUs.com, a premium reseller of refurbished computer equipment.

MML is a leading investor in small and medium sized businesses on the island of Ireland, with a strong focus on companies, such as Vyta, that operate in the circular economy. His investment will see Philip McMichael, co-founder and CEO of Vyta Group, along with Vyta’s management team, remain major shareholders. Meanwhile, MML investment chiefs Neil McGowan and Christopher Walsh will join the Vyta Group board. They will work alongside the management team to support the group’s M&A strategy.

MML’s funding comes from MML Growth Capital Partners Ireland Fund II, a €145 million fund backed by British Business Investments, AIB and a number of international institutional investors.

“This is an exciting time of growth for Vyta Group, and we are delighted to welcome our new colleagues to the team,” said Philip McMichael, Founder and CEO of Vyta Group. “At Vyta, we adhere to the highest industry standards while maintaining our commitment to providing the best customer service in our industry. Therefore, it is important that we acquire like-minded ITAD companies, such as FGD, which reflect our principles and rigorous standards, ensuring that the Vyta Group remains a company that our employees are proud to be part of.

“MML shares not only our ambitions for growth, but also our philosophy of sustainable development and our commitment to developing the circular economy. The funding, along with their knowledge and experience, will be critical to us as we embark on our strategy to consolidate the ITAD market in the UK and Europe. »

Leigh Medhurst, Director of Development at Vyta Group, said: “We are delighted to join the Vyta team. In our 11 years in business, we have achieved immense year-on-year growth, and we look forward to continuing this growth path as part of the Vyta team. Our priority, as always, is our customers, and we look forward to working closely with them and providing the same level of care and service to which they are accustomed.

“The European ITAD sector is a fast-growing but fragmented market which presents a significant opportunity for the Vyta Group,” said Neil McGowan, Partner and Co-Head of Investments, MML Growth Capital Partners Ireland. “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 over recycling, Vyta Group saves thousands of tons of carbon dioxide annually, 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.

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