Azenta, Inc. announced on July 10 that it has completed the previously announced sale of B Medical Systems S.á r.l (BMS) to Thelema S.a r.l. The transaction, first announced on December 29, 2025, closed on July 1, 2026, after all closing conditions were met, including Thelema's completion of its financing arrangements.
According to the agreement terms, Azenta sold B Medical Systems for a fixed purchase price of $63 million in cash. Of this amount, $35 million was funded through a short-term secured vendor loan from an Azenta subsidiary to Thelema.
As part of the transaction structure, Whitestone Group—a Belgian publicly listed investment holding company—acquired a 40% stake in B Medical Systems through Thelema S.a r.l., which was established as a special purpose vehicle for the acquisition. Whitestone Group invested $19 million (approximately EUR 17 million), including part as a subordinated loan, to acquire its share alongside Luc Provost, CEO of BMS. Provost will hold the majority capital under a leveraged management buyout (LMBO).
“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 defense 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,” said Mr. Luc Provost.
Whitestone Group specializes in investing in established small- and medium-sized enterprises based in Luxembourg and Belgium, with focus areas including health care as well as optical and industrial sectors.
