...Rubix Group Holdings Limited (Rubix or the company), formerly IPH-Brammer Holdings Limited, is Europe's leading industrial parts distributor. The company was formed in 2017 through the acquisitions of Brammer Limited (Brammer) in February 2017 and Industrial Parts Holding SAS (IPH) in September 2017. The company's scale provides substantial advantages in terms of network density, procurement, diversity of revenue, customer service and responsiveness, leading to entrenched positions with a fragmented customer base. Rubix is focused primarily on the more defensive maintenance, repair and overhaul (MRO) segment, but the industry remains cyclical: revenue fell by 11%-17% and EBITDA margin by 100 basis points in 2009 before recovering in the following two years. The market is highly fragmented, leading to further substantial bolt-on acquisition opportunities with the potential for high levels of procurement and overhead savings. The company is pursuing an aggressive debt-funded acquisition strategy...