Luc Provost, CEO of B Medical Systems, has completed a Leveraged Management Buy-Out of the company alongside Whitestone Group, a Belgian investment holding company listed on Euronext Brussels, acquiring B Medical Systems from its US-based parent Azenta Life Sciences. Whitestone invested USD 19 million (approximately €17 million), including a portion in the form of a subordinated loan, acquiring a 40% stake. Luc Provost, who has led the company for 11 years and worked there for 27, retains majority ownership.
Headquartered in Hosingen, Luxembourg, B Medical Systems is a global leader in medical refrigeration solutions, manufacturing ultra-low-temperature freezers, vaccine refrigerators — including solar-powered solutions — and refrigerated transport systems for hospitals, laboratories, and blood banks. The company employs more than 200 people and its equipment is deployed in 170 countries. Founded in 1979, the company has previously been owned by EQT and Navis Capital Partners before passing to Azenta Life Sciences in 2022.
The transaction represents Whitestone's second-largest investment to date and strengthens its Technology and MedTech platform alongside existing holdings including Tilman, Lambda-X Ophthalmics, and Telemis. B Medical Systems intends to pursue further diversification into defence and food supply chain refrigeration in parallel with its core medical market.
Degroof Petercam – IMAP Belgium acted as exclusive financial advisor to Luc Provost on the transaction.
