...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. Rubix holds a share of around 2.5-3% in a highly fragmented market. Its scale provides substantial advantages in terms of network density, procurement, diversity of revenue, customer service and responsiveness, leading to entrenched positions across a wide customer base. The company is following a consolidation strategy leading to substantial debt-financed acquisitions, typically spending in excess of 150 million per annum. It has also incurred at least 50 million per annum of exceptional costs largely relating to the integration of acquisitions and network rationalisation. These factors limit deleveraging and...