As part of the Group’s growth strategy, Rubix has completed the acquisition of Verkfærasalan (VFS) – a leading Icelandic distributor of hand and power tools.
VFS generated sales of approximately €11m for the year ending 31 December 2021, operating from three main sites in Reykjavik, Hafnarfjördur and Akureyri. The business sells to a wide range of industries and customers, both in-branch and through its web shop.
As well as supplying, repairing and servicing hand and power tools for all major brands, VFS is the only authorised supplier in the Icelandic market of the popular Milwaukee tools range.
VFS also offers a complete range of industrial products that includes bolts, screws and fasteners; chemical products; lifting equipment and jacks; electrical products and lighting; cutting tools and abrasives; ladders and platforms; large machines and equipment; and workwear and safety equipment.
Founder and CEO Thorlákur Marteinsson will remain in an advisory role while Bjarnþór Þorláksson, Sales Manager, and Marteinn Þorláksson, Purchasing and Marketing Manager, will continue their leadership of the 30-strong team. They will report to Jóhann Benediktsson, Managing Director of Rubix in Iceland.
VFS will continue to operate under its own brand as Iceland’s foremost tool supplier and repair service provider, working as ‘A Rubix Company’, alongside Rubix’s existing operations in Iceland.
Both Rubix and VFS will be able to capitalise from an extended Icelandic footprint and highly complementary categories and product ranges. In addition, VFS customers will benefit from Rubix’s position as Europe’s number one multi-specialist industrial products and services supplier.
Vince McGurk, CEO of Rubix in the UK, Ireland and Iceland commented: “This acquisition supports our ambition to be recognised for our industry specialism and value-added services throughout our extensive network across 22 countries. I am pleased to welcome Verkfærasalan’s employees, customers and suppliers into the Rubix family and look forward to working with them to further build on the success of both companies.”
Thorlákur Marteinsson, founder and Managing Director of Verkfærasalan said: “The acquisition validates our position as Iceland’s hand and tool supplier and repairer of choice. We are proud to be part of the Rubix family and are excited to leverage the opportunities it brings for us and our customers, who will now have access to an even wider range of hand and power tools, PPE, industrial consumables and other industrial maintenance and repair products.”
Jóhann Benediktsson, Managing Director of Rubix in Iceland added: “It is a great privilege for us to join forces with the team from Verkfærasalan. Þorlákur and his family have built a leading company in the tools business in Iceland, which we want to expand even further with them. We look forward to working with our new colleagues to maximise the opportunities for both companies, and to learn from each other along the way. Together we will bring more value to our customers and partners in Iceland.”