Azenta, Inc. has announced that it has closed its previously announced sale of B Medical Systems S.á r.l (BMS) to Thelema S.a r l.
B Medical Systems is a global manufacturer and distributor of medical cold chain solutions. Based in Hosingen, Luxembourg, the company was founded in 1979 when the WHO approached Electrolux to provide a solution to safely store and transport vaccines around the world.
Across the 3 major business portfolios of Vaccine Cold Chain, Medical Refrigeration, and Blood Management Solutions, the company offers 100+ products. B Medical Systems’ major products include Vaccine Refrigerators (Ice-Lined and Solar Direct Drive Refrigerators (SDD)), Laboratory Refrigerators, Laboratory Freezers, Pharmacy Refrigerators, Ultra-Low Freezers, and Transport solutions. B Medical Systems’ products are used across 170+ countries and have an installed base of more than half a million products across the world.
The transaction was originally announced on December 29, 2025, and closed on July 1, 2026, following the satisfaction of all closing conditions, including Thelema’s completion of its financing arrangements.
Under the terms of the agreement, Azenta sold B Medical Systems for a fixed purchase price of $63 million in cash, of which $35 million was funded through a short-term secured vendor loan from an Azenta subsidiary to Thelema.
As part of the transaction, Whitestone group, a Belgian publicly listed investment holding company (Euronext Growth: ROCK) has acquired a 40% stake in B Medical Systems through Thelema S.a r.l, a Special Purpose Vehicle (SPV) established for the acquisition of B Medical Systems.
Whitestone group, which specializes in investing in established SMEs in Luxembourg and Belgium with a focus on health, optical, and industrial sectors, has invested $19 million (~EUR 17 million), including a portion in the form of a subordinated loan, to acquire 40% of BMS alongside the CEO of BMS, Mr. Luc Provost, who will hold the majority of the capital under the LMBO.
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. In it we find all the criteria we look for in our private equity holdings. 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.
Frédéric Pouchain, CEO of Whitestone Group.
I would like to warmly thank Whitestone Group for placing its trust in me when I presented my plan to acquire BMS, a company I have worked for over 27 years and led for 11 years. 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. Finally, achieving compliance with the latest WHO standards across our entire new vaccine cold chain product range marks a significant milestone, reinforcing our commitment to supporting immunization and healthcare programs worldwide. B Medical Systems is one of Luxembourg’s larger industrial companies, and my ambition is not only to preserve that position but also to build on it and drive the company’s continued growth and success.
Luc Provost, CEO of B Medical Systems.
Whitestone Group is a professional investor whose mission is to support primarily SMEs in Belgium and develop them in a profitable and responsible manner. Its vision is to establish itself as one of the leading Belgian listed family holding companies, recognized for its financial discipline and its impact, thanks to stable shareholders committed for the long term.
Azenta, Inc. (Nasdaq: AZTA) is a leading provider of life sciences solutions worldwide, enabling life science organizations around the world to bring impactful breakthroughs and therapies to market faster.
Source
https://www.bmedicalsystems.com/en/press-releases/azenta-announces-completion-of-b-medical-systems-sale-to-thelema-s-a-r-l-whitestone-group-acquires-a-40-stake-in-thelema-s-a-r-l-a-special-purpose-vehicle-spv-established-for-the-ownership-of-b-me/ Picture: https://media.licdn.com/dms/image/v2/D4E10AQGOxVIBkNyShA/image-shrink_1280/B4EZ7vNG3CHsAg-/0/1782129652000?e=1789063200&v=beta&t=7sTemfCcp9ycQQSslqjJ9Z7uhK_QvxpNTvKFW1b99UQ
