...The provisional (P)B3 CFR assigned to the combined Brammer/IPH group reflects (1) the combined group's leading position as number one industrial parts distributor in Europe, with (2) a dense distribution network across Europe and large product offering (over 5 million SKUs), which ensures product availability and fast delivery times, together with numerous after-sales services resulting in high customer retention, (3) more stable demand in the group's key maintenance, repair and operations (MRO) segment (c.75% of group sales), (4) fairly resilient margins historically and profitability, which we expect to improve over the next two years as operational issues at Brammer are addressed and synergies from the IPH acquisition realised, (5) entrenched relationships with a diverse base of customers (local to key accounts) from different industries (e.g. general industry, automotive, food, metals/steel, aerospace, packaging), (6) adequate liquidity with forecast positive free cash flow generation,...