MML Growth Capital Ireland has acquired a minority stake in Vyta, an IT recycling company based in Co Antrim, for £11m.
Vyta has recently acquired IT disposal company FGD, which has made it one of the largest IT asset disposal (ITAD) companies in both Ireland and the UK.
The acquisition has allowed the company to expand its team, with an additional 37 staff members joining its ranks, bringing the total headcount to over 120.
The company’s four existing shareholders and the FGD co-founders have also made significant investments to support the company’s growth strategy, which includes further acquisitions.
Vyta’s founder and CEO, Philip McMichael, has expressed his confidence in the company’s growth plans, stating that the acquisition has made them a stronger company in a highly competitive market.
The company expects to achieve revenues of £16m this year, a 130% increase from last year’s £7m, and has plans to reach £30m by 2026.
MML’s investment has been funded by the MML Growth Capital Partners Ireland Fund II, a €145m fund supported by British Business Investments, AIB, and several international institutional investors. This same fund was used to acquire Natural World Products, a Co Antrim recycling company, in a £20m deal last August.
Neil McGowan, co-head of investments at MML Growth Capital Partners Ireland, has expressed his confidence in Vyta’s management team and their track record of growing the business to date. He believes that the European ITAD sector presents a significant opportunity for Vyta, which, together with MML’s investment and support, positions the company optimally as a consolidator in the market.
Vyta’s sustainability ethos and dedication to growing the circular economy were also key factors in MML’s decision to invest in the company. The company’s commitment to sustainability is reflected in its R2 certification, which demonstrates its adherence to industry standards for refurbishing and recycling IT equipment. Vyta’s carbon dioxide savings were also highlighted as a key benefit of its services.
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Vyta’s growth plans include consolidating the ITAD market in the UK and Europe and expanding its addressable market share. The company’s focus on customer service and security, as well as its dedicated management team, including its Chief Development Officer, Chief Technology Officer, and Board, positions it well for future growth.
