Vyta raises 13 million euros as CEO says he expects sales to double
IT asset disposal company Vyta has raised €13m from MML Growth Capital Partners Ireland and acquired Essex-based IT disposal company FGD.
he company, co-founded by CEO Philip McMichael, also says its turnover is set to double to €19 million and will employ 120 people in Dublin, Belfast and the UK.
The investment leaves Mr. McMichael, along with Vyta’s management team, as major shareholders in the company.
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. Led by Neil McGowan, MML is an investor in small and medium enterprises in Ireland.
Mr McGowan and MML chief Christopher Walsh will join the Vyta Group board of directors, to “work alongside the management team to support the group’s mergers and acquisitions strategy”, according to the company.
Vyta is described as one of the biggest IT asset disposal companies in Ireland and the UK, with the company saying it plans more acquisitions in the UK and Europe.
Vyta says the market for its services in Ireland and the UK is €350 million. It also forecasts revenues of more than 35 million euros by 2026.
Vyta has two subsidiary brands. DiskShred sells on-site hard drive and media shredding in the UK and Europe, while RefreshedByUs.com is a reseller of refurbished IT equipment.
“It’s important that we acquire like-minded companies, like FGD, that reflect our principles and rigorous standards,” McMichael said.
“This acquisition makes us a stronger company in a highly competitive market.
funding, as well as [MML’s] knowledge and experience, will be vital to us as we embark on our strategy to consolidate the UK and Europe [IT asset disposition] market.”
Tughans acted as legal adviser to Vyta on the deal, while PwC acted as corporate finance adviser. Gray + Press provided tax advice.
Carson McDowell and Gore Grimes acted as legal advisors to MML. HNH provided financial and tax due diligence, while Armstrong TS provided business due diligence and PwC provided tax advice. SOL Environmental provided environmental due diligence while Innovu provided insurance due diligence. Leading Resolutions provided IT due diligence.