The sale of B Medical Systems is now complete. On Wednesday 8 July, the US group Azenta announced the completion of the sale of the Luxembourg-based manufacturer of medical cold chain solutions to Thelema, the company set up to take over the business. The operation, announced at the end of December 2025, was closed on 1st July, following the fulfilment of the final financing conditions. The sale price amounts to $63m.

This announcement brings to a close a process that began more than six months ago. Last December, Azenta had formalised its decision to sell B Medical Systems, acquired in 2022. The company’s development since its acquisition by the US group had thus been characterised by a slowdown in the vaccine cold chain market following the pandemic and by a gradual refocusing of its activities.

Whitestone acquires a 40% stake

The new shareholding structure is now in place. Luc Provost, who has been CEO of B Medical Systems for 11 years and has worked for the company for over 27 years, is becoming the majority shareholder as part of a management buy-out. For its part, the Belgian group Whitestone is acquiring a 40% stake in the company via Thelema, through an investment of $19m, part of which is in the form of a subordinated loan.

“This acquisition fits perfectly with our strategy,” says Frédéric Pouchain, CEO of Whitestone Group, who highlights B Medical Systems’ industrial positioning and its expertise in high value-added products.

For his part, Luc Provost sees this takeover as “a new chapter” for the company. He states his intention to continue the diversification already underway into the defence and food supply chain sectors, whilst emphasising that the new range of products dedicated to the vaccine cold chain now complies with the latest World Health Organisation standards. “My ambition is not only to maintain B Medical Systems’ position amongst Luxembourg’s leading industrial companies, but also to drive its continued growth,” he says.