Ireland’s Vyta Group has acquired Essex-based IT disposal company FGD, following an £11M investment from MML Growth Capital Partners Ireland (MML).
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.
Vyta estimates that the addressable market for its services in Ireland and the UK is in excess of £300M, 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 £16M by the end of its financial year ending 31st May 2022, up from £7M in the previous financial year. Vyta expects to reach revenues of £30M by May 2026.
Read the latest edition of PCR’s monthly magazine here: