Life sciences solution provider Azenta has signed an agreement to acquire cold chain solutions manufacturer and distributor B Medical Systems in a deal valued at about $468.7m (€460m).

Under the terms of the definitive agreement, Azenta will acquire B Medical Systems and its subsidiaries from Navis Capital Partners for a cash price of around $417.7m (€410m) payable at closing.

Additionally, the company will make a payment of up to $50.9m (€50m) in cash after achieving certain future performance milestones.

Headquartered in Luxembourg, B Medical systems’ portfolio includes medical refrigeration, blood management solutions and vaccine transport systems, along with real-time monitoring devices.

Its products also include laboratory refrigerators, transport solutions, contact-shock freezers and ultra-low freezers.

The company currently has a base of more than 500,000 installed units in about 150 countries worldwide.

Azenta stated that the acquisition of B Medical systems will complement its cold chain capabilities and add different solutions for reliable transportation of temperature-sensitive samples.

Azenta president and CEO Steve Schwartz said: “We are excited to add B Medical into our growing portfolio of offerings.

“B Medical has done an outstanding job carving out a strong market position in the vaccine cold chain, and we see a breadth of opportunities to drive even further value from the portfolio by leveraging the Azenta platform.”

Azenta offers a complete suite of cold-chain sample management solutions, as well as genomic services, across areas that include advanced cell therapies, clinical research and drug development for academic, pharmaceutical, healthcare institutions and biotech companies across the world.

Taylor Wessing served as legal counsel for the deal while Jefferies acted as the exclusive financial advisor to Azenta.