...Rubix Group Holdings Limited (Rubix or the company, B3 stable), formerly IPH-Brammer Holdings Limited, is Europe's leading industrial parts distributor, focused primarily on the maintenance, repair and overhaul (MRO) segment. 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 across a fragmented customer base. Rubix was affected by disruption to industrial production as a result of the coronavirus pandemic during 2020. Revenue performance has improved sequentially since a trough in April 2020, although EBITDA margins were also affected by lower volumes and cost investments in anticipation of a return to growth. We expect a return to growth in organic revenues and EBITDA from 2021. Rubix has been following...