...Rubix 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 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 has recovered strongly from the pandemic as European industrial production has returned, supported by new business wins and growth of key account customers, whilst increasing inflation has also boosted profitability. We consider that supply chain constraints are net positive for the business given its ability to solve challenges for customers, although...