Credit: Azenta webpage
On Wednesday 8 July 2026, United States (US)-based life sciences company Azenta announced the completion of the sale of Luxembourg-based B Medical Systems (BMS) to Thelema Sàrl, a special purpose vehicle (SPV) established for the acquisition.
The transaction, first announced on 29 December 2025, closed on Wednesday 1 July 2026 after all closing conditions had been satisfied, including the completion of Thelema's financing arrangements, said Azenta, adding that, under the agreement, it sold B Medical Systems for approximately €54 million in cash, of which approximately €30 million was funded through a short-term secured vendor loan from its subsidiary to Thelema.
As part of the transaction, Belgian publicly listed investment holding company Whitestone Group (Euronext Growth: ROCK) acquired a 40% stake in B Medical Systems through Thelema. Whitestone invested approximately €16 million, including part of the investment in the form of a subordinated loan. The remaining majority stake will be held by Luc Provost, CEO of B Medical Systems, through a leveraged management buyout (LMBO).
Frédéric Pouchain, CEO of Whitestone Group, said: "The acquisition of B Medical Systems fits perfectly with our strategy and the group's investment criteria: a European industrial company, positioned in high-value-added products and protected by strong barriers to entry, driven by quality management and a meaningful mission. I would like to thank Luc Provost for the trust he has placed in us to support him in this new stage of the company's development."
Luc Provost, who has worked at B Medical Systems for more than 27 years and led the company for the past eleven, described the management buyout as the beginning of a new chapter. He commented: "This MBO is a new chapter in the life of the company, which regains a close-knit, entrepreneurial shareholder base. I am confident in the success of the diversification initiated towards the defence and food chain sectors, which offer attractive growth prospects."
He also highlighted B Medical Systems' achievement of complying with the latest World Health Organization (WHO) standards across its new vaccine cold chain product range, saying this reinforces the company's commitment to supporting immunisation and healthcare programmes worldwide.
About B Medical Systems
Founded in 1979 and headquartered in Hosingen, it manufactures and distributes medical cold chain solutions, including vaccine refrigerators, laboratory refrigeration equipment, blood management systems and transport solutions.
About Azenta
Headquartered in Burlington, Massachusetts, US, it provides life sciences solutions, including cold-chain sample management and multiomics services, to pharmaceutical, biotechnology, academic and healthcare organisations worldwide.
