ERIKS UK & Ireland is a well-recognised and respected industrial distributor with a specialist flow technology offer, including hoses, valves, sealing and gaskets, as well as associated technical services such as customisation and repair.
This complementary acquisition brings together two multi-specialist industrial distributors offering a broad range of products and services, while extending the Rubix offer in flow technology.
Credit: Rubix
Commenting on the agreement, Vince McGurk, CEO Rubix UK, Ireland and Iceland said: “The highly complementary offers provide the opportunity to deliver a more comprehensive solution to the needs of our customers.
“The strong fit, shared values and commitment to meeting customer needs would make this a very positive move for the manufacturing sector across the UK and Ireland, and I look forward to working with my new colleagues in the future.”
Franck Voisin, Group CEO at Rubix added: “We look forward to welcoming our new colleagues to the Group. Our consistent approach to industrial distribution, driven by providing multi-specialist technical expertise and specialist services to all our customers, will enable the creation of an even stronger combined business in the UK and Ireland.
“This transaction represents a meaningful step in the development of our Group. Through this acquisition, Rubix UK, Ireland & Iceland will become our second largest regional market with combined annual revenues in excess of €850 million.”
Pamela Bingham, CEO ERIKS UK & Ireland, added: “This partnership delivers exciting opportunities for both organisations. The combination of our product and service offerings will significantly enhance our ability to meet the ever-changing and diverse needs of our customer base.”
The transaction, which is subject to customary regulatory approvals, is expected to complete within the calendar year, once these approvals have been obtained.
In connection with the transaction, Neuberger Berman Private Markets will lead the acquisition of a minority equity shareholding in the Group. Additional investors include Adams Street Partners, LGT Capital Partners, J. Safra Sarasin Asset Management, and funds managed by BlackRock.
Goldman Sachs International and Rothschild & Co served as financial advisors to Rubix.