Whitestone Group (AO) | Buy | Invests in B Medical Systems

Research evidence excerpt

Whitestone Group (AO) | Buy | Invests in B Medical Systems

News comment

Release date: 09 July 2026

Julien Rault

Equity Research Analyst

+33 1 73 01 07 24

jrault@keplercheuvreux.com

BuyWhitestone Group

Belgium | Holding companies Beta Profile: MCap: EUR176.8M

Target Price: EUR20.00 Bloomberg: ROCK BB Reuters: ROCKW.BR

Current Price: EUR17.60 Free float 18.9%

Up/downside: 13.6% Avg. daily volume (EURm) 0.0

YTD abs performance 5.4% Market data: 08 July 2026

52-week high/low (EUR) 17.80/12.30

Invests in B Medical Systems

Key points:

Whitestone Group announced the acquisition of a 40% stake in B Medical Systems, a Luxembourg-based global leader in medical

refrigeration solutions.

The investment amounts to USD19m, or around EUR17m, including a portion in the form of a subordinated loan, and was

financed entirely with equity. The transaction was structured as a Leveraged Management Buy-Out, with CEO Luc Provost

acquiring the majority of the capital.

This is Whitestone’s second-largest investment to date, following the Mäder transaction, and further demonstrates the group’s

ability to deploy the capital raised earlier this year. We see this as a strategically consistent investment, strengthening

Whitestone’s exposure to high-value-added industrial and Medtech products.

Investment in B Medical Systems

Whitestone announced that it has supported Luc Provost, CEO of B Medical Systems, in a Leveraged Management Buy-Out to

acquire BMS from its US parent company Azenta Life Sciences Inc.

Whitestone invested USD19m, equivalent to around EUR17m, including a portion in subordinated debt, to acquire 40% of

Thelema S.à r.l., the acquisition vehicle holding B Medical Systems. The remaining shareholding is held by the CEO, who retains

majority ownership under the LMBO structure.