LONDON, UK: Rubix Group is considering an initial public offering (IPO) on the main market of the London Stock Exchange.
Rubix Group IPO will comprise new ordinary shares to be issued by the company raising proceeds equivalent to approximately €850 million, and additionally may also include the sale of existing ordinary shares by current shareholders.
Immediately following admission, the company would have a free float of at least 25% of issued share capital and expects that it would be eligible for inclusion in the FTSE UK indices.
In addition, it is expected that up to a further 15% of the offer will be made available pursuant to an over-allotment option.
Rubix Group is the market leading pan-European distributor of industrial maintenance, repair and overhaul (MRO) products and services.
Rubix has engaged Goldman Sachs International, Morgan Stanley & Co. International plc and Barclays Bank PLC as Joint Global Coordinators, and BNP Paribas and Jefferies International Limited as Joint Bookrunners in the event the IPO proceeds. N.M. Rothschild & Sons Limited is acting as Financial Adviser to Rubix.
Rubix Group helps to keep the factories and plants of some of Europe’s largest industrial companies up and running. Rubix supplies mission critical products and services for maintenance, repair and overhaul, which include mechanical power transmission components, flow technology and fluid power products, bearings, machining, cutting, tooling and general maintenance products while value-added services include both logistics and technical services.
Rubix’s operations span 22 European countries and a network of 900 locations, giving it greater European coverage than any of its competitors, in an industry where scale matters, providing it with the ability to serve its multi-national customers through its extensive omnichannel offering, optimise logistics and distribution operations on a European-wide scale, as well as benefit from geographical and end-market diversification.
Group operates across three geographical segments, Western, Central and Northern Europe, and holds leading positions across a number of its countries or regions of operation, including France, Italy, Spain, CEE, Germany, the United Kingdom and Benelux.
Martin Thomsen, CEO of Rubix, said: “I am delighted to announce our expectation to list Rubix on the London Stock Exchange. Over the past three years, we have grown rapidly to establish Rubix as Europe’s leading distributor of industrial products and services, now present in 22 markets and working with many of the biggest names in European manufacturing. We are a trusted partner that helps ensure the smooth, safe and efficient running of their operations through our extensive product range, differentiated technical advice and value-added services.
We have built a very high-quality platform at Rubix as we focus on our mission to keep the wheels of industry turning, right across Europe. Becoming a public company is the natural next step for us as we continue our growth journey. We believe we are the consolidator of choice in a growing and fragmented market, which makes our opportunities more exciting than ever in a world where the security and integrity of supply chain are a priority.”
David Tyler, current director and expected Chair of Rubix, said: “Rubix has a highly compelling business model with all of the attributes that I believe are necessary to achieve great success. Led by a highly experienced management team, the business model was stress tested during the pandemic and demonstrated strong resilience, proving the indispensable role Rubix plays for its customers.
Looking forward, Rubix has long-term organic opportunities to continue to grow, take market share and reinvest in the business. In addition, it has inorganic opportunities for profitable growth through continued consolidation.
Integral to our growth strategy is Rubix’s ability to help drive forward customers’ sustainability objectives, based on our position at the heart of their supply chains. A listing provides an excellent platform for the next stage of Rubix’s development.”
Shonnel Malani, Managing Director at Advent International and director of Rubix, said: “Rubix provides a superb case study demonstrating the value that can be created by carefully bringing together great businesses to create a market leader, with a strong management team, a clear growth strategy, and a robust approach to corporate governance. Rubix has a well invested platform for future growth, with a differentiated value proposition that has made the company a critical partner to some of the leading manufacturers across Europe.”