Azenta, Inc. today announced that it has completed its previously announced sale of B Medical Systems S.á rl (BMS) to Thelema Sa rl. The transaction was originally announced on December 29, 2025 and closed on July 1, 2026, following the satisfaction of all closing conditions, including the completion of financing arrangements by Thelema. Under the terms of the agreement, Azenta will sell B Medical Systems for a fixed purchase price of $63 million in cash, of which $35 million was financed through a short-term secured vendor loan from an Azenta subsidiary to Thelema.
As part of the transaction, Whitestone Group (Euronext Growth: ROCK), a Belgian listed investment holding company, acquired a 40% stake in B Medical Systems through Thelema Sa rl, a special purpose vehicle (SPV) established for the acquisition of B Medical Systems. Whitestone Group, which specializes in investing in existing small and medium-sized enterprises in Luxembourg and Belgium with a focus on the health, optical and industrial sectors, will invest $19 million (approximately €17 million), including part in the form of a subordinated loan, to acquire 40% of BMS, with BMS CEO Luc Provost holding 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. European industrial companies are located in the field of high-value-added products, protected by strong entry barriers and driven by quality control and a meaningful mission. It includes all the criteria we look for in private equity holdings. We would like to thank Luc Provost for trusting us to support him in this new phase of the company’s development. ”
Mr. Frédéric Pouchamp, CEO of Whitestone Group
”I would like to express my sincere gratitude to Whitestone Group for placing their trust in me when I proposed the acquisition of BMS, a company I have worked for for over 27 years and managed for 11 years. This MBO marks a new chapter in the company’s life as it regains a close-knit, entrepreneurial shareholder base. I am confident of the success of the diversification initiated towards the defense and food chain sectors, which offer attractive growth prospects. Finally, achieving compliance with the latest WHO standards across our new vaccine cold chain products is an important milestone and strengthens our commitment to supporting immunization and health programs around the world. B Medical Systems is one of Luxembourg’s leading industrial companies and my goal is not only to maintain this position, but also to build on it and drive the company’s continued growth and success.” says Luc Provost, CEO of B Medical Systems.
