Rubix announced Monday that it has completed its acquisition of ERIKS’ operations in the U.K. and Ireland — and that a group of investors has acquired a minority stake in the overall company.
Rubix officials said the ERIKS deal — originally announced in March — would bolster its portfolio of flow technology products, including ERIKS’ hoses, valves, sealing and gaskets lineup and its customization and repair services.
The London-based MRO distributor said the combined segment would account for overall revenues of more than $975 million in the U.K., Ireland and Iceland.
“This is a very positive move for the manufacturing sector across the U.K. and Ireland," Vince McGurk, the CEO of Rubix U.K., Ireland and Iceland. "In extending our market-leading position, we are better placed than ever to help customers solve the problems, meet the challenges and take the opportunities in front of them.”
In addition, an arm of investment firm Neuberger Berman led a collection of additional investors — including Adams Street Partners, LGT Capital Partners, J. Safra Sarasin Asset Management, and funds managed by BlackRock — in acquiring a minority equity share of Rubix Group, officials announced.
Terms of both transactions were not disclosed.
