Published: 28/07/2023, 14:30
Rubix completes acquisition of Vökvatengi ehf in Iceland
As part of our network development strategy, we have completed the acquisition of the trade and assets of Vökvatengi ehf – a regional Icelandic distributor of fluid power and MRO products serving the Reykjanesbær area. Founded in 1985, Vökvatengi operates from a single location and offers a wide range of fluid power products including hoses, pipes and spare parts, as well as assembly services. Other products offered include tools, lubricants and PPE.
Rubix Iceland will benefit from an extended footprint and the specialist knowledge of the Vökvatengi team. In addition, Vökvatengi customers will benefit from the wide range of products and services that we are able to offer. Founders Skúli S. Ásgeirssyni and Elín Halldóra Hermannsdóttir will take the opportunity to retire after a short transition period. Vökvatengi will be fully integrated as an additional Rubix Iceland location and the team will report to Árni Ingason, the existing sales manager of Rubix Iceland.
Jóhann Benediktsson, CEO of Rubix Iceland commented: “This acquisition supports our ambition to be recognised for our industry specialism and value-added services throughout Iceland. I am pleased to welcome Vökvatengi’s employees, customers and suppliers into the Rubix family and look forward to working with them to further build on the success of both businesses. Together we will bring more value to our customers and partners in Iceland.” Skúli S. Ásgeirssyni, founder of Vökvatengi said: “It gives me great satisfaction to know that Vökvatengi has found an excellent new home as part of the Rubix family and I am excited by the opportunities it brings for our high quality and loyal employees as well as our customers, who will now have access to an even wider range of products and services.”
Vince McGurk, CEO of Rubix UK, Ireland and Iceland commented: “It is very pleasing to see the impressive strides that Jóhann and his team have made in developing and diversifying our business in Iceland in recent years. Network development acquisitions like Vökvatengi are core to our strategy and we look forward to integrating our second acquisition in Iceland in the past 15 months.”
