Azenta, Inc. announced today that it has closed the previously announced sale of B Medical Systems S.á rl (BMS) to Thelema Sa r l. The transaction was initially announced on December 29, 2025 and closed on July 1, 2026, subject to 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 firm purchase price of $63 million in cash, of which $35 million was financed through a short-term secured seller loan from an Azenta affiliate of Thelema.
As part of the transaction, the Whitestone Group, a Belgian listed investment holding company (Euronext Growth: ROCK) acquired 40% of B Medical Systems through Thelema Sa rl, a special purpose vehicle (SPV) established to acquire B Medical Systems. The Whitestone Group, which specializes in investing in established SMEs in Luxembourg and Belgium with a focus on the health, optical and industrial sectors, has invested $19 million (~€17 million), including a portion in the form of a subordinated loan, to acquire 40% of BMS together with the CEO of BMS, who will hold the majority of the funds.
The acquisition of B Medical Systems perfectly fits our strategy and the group’s investment criteria: a European industrial company, positioned in high value-added products and protected by strong entry barriers, driven by quality management and an essential mission. In it we find all the criteria we look for in our private holdings. I would like to thank Luc Provost for the trust he has shown in us to support him in this new stage of the company’s development.”
Mr. Frédéric Pouchain, CEO, Whitestone Group
“I would like to sincerely thank the Whitestone Group for their trust in me when I presented my plan to acquire BMS, a company I have been working for for more than 27 years and leading for 11 years. This MBO is a new chapter in the life of the company, which is regaining a close-knit, entrepreneurial shareholder base. I am confident of the success of the diversification started towards the defense and food chain sectors, which offer attractive growth prospects. Finally, achieving compliance with the latest WHO standards across our new line of vaccine cold chain products marks an important milestone, reinforcing our commitment to support immunization and healthcare programs worldwide. B Medical Systems is one of the largest industrial companies in Luxembourg and I aspire not only to maintain this position but also to build on it and drive the continued growth and success of the company,said Luc Provost, CEO of B Medical Systems.
