This Luxembourg company specialising in the design and production of advanced medical refrigeration equipment is experiencing rapid international growth. Banque Internationale à Luxembourg (BIL), its partner since 2016, is supporting this growth with advice and tailored financing solutions throughout the life cycle.
Last November, at a virtual summit between India and Luxembourg, Xavier Bettel informed his Indian counterpart Narendra Modi about the expertise of Luxembourg-based company B Medical Systems and its ability to help him meet the health challenges of this country of 1.4 billion inhabitants. “After that, everything moved very fast. In December, a delegation went to India to finalise important partnership agreements. In order to meet demand, it was decided, among other things, to set up an on-site production and logistics facility. This strategic choice will reduce unsustainable cross-border transport and create new jobs,” explains Luc Provost, CEO of B Medical Systems.
“With BIL, we have a true partner who understands our needs and responds quickly.“
Luc Provost, CEO of B Medical Systems
One mission: saving lives
Based in Hosingen since 1979, the business initially grew up within the Electrolux and Dometic groups. In 2015, following the takeover of B Medical Systems by an institutional investor expert in this field of activity and greater empowerment of senior management, B Medical Systems became independent. To date, the company has supplied more than 500,000 medical cold chain units to over 140 countries worldwide. “Using an innovative approach, we seek to save lives by offering state-of-the-art equipment that can guarantee the preservation of vaccines and treatments, or ensure their traceability in all contexts,” explains Luc Provost.
Since 2016, relying on BIL’s advice and financing solutions, the company has experienced sustained growth. The innovation team consisted of four engineers at the time. There are now 30 of them. A hundred products have been developed and 120 patents registered.
Seizing new opportunities
The COVID-19 crisis has accelerated business growth. “The international contacts made during this period have opened up new long-term perspectives and created new sustainable opportunities,” the CEO continues. “In addition to increasing demand, the partnerships formed also give us easier access to new skills that will help us grow.”
Since 2021 and following the development of the company, B Medical Systems has over 300 employees in Luxembourg. Its recruitment prospects are growing.
>300
At its current rate of expansion, B Medical Systems has considerably increased its workforce to reach a number of more than 300 employees in Luxembourg.
Supporting international growth
This development requires significant financing to adapt production equipment, to commission this new site in India which will employ about a hundred people, and to reorganise the supply chain. In addition, provision is being made for international entities within the group to carry out recycling/retrofitting of products to support their sustainability efforts, in particular ESG criteria. “One of the challenges, in a competitive global context, was to be able to react quickly to demand,” explains Luc Provost. In this context, BIL was able to respond to each of our needs and showed real speed of execution to enable us to meet each challenge. This is what we expect from a bank, that it acts as a genuine partner.”
Expertise
“With the aim of supporting B Medical Systems throughout its life cycle, both locally and internationally, we provide extensive expertise in consulting and financing. Our entrepreneurial culture allows us to understand the needs of the company. Moreover, the business of B Medical Systems is part of our strategy to transition to a sustainable bank.We engage with our employees to transition towards sustainable banking, conscious of our responsibility and willing to develop products that allow us together with our clients to have a positive impact and to prepare sound grounds for future generations. To underline this commitment, BIL has signed the UN’s “Principles for Responsible Banking”.
Bernard Eresch Head of Banque des Industries
With the help of market experts, we are committed to developing bespoke products and innovative solutions that meet the needs of large companies, SMEs, professionals and self-employed alike.
Editor’s note: The article is brought to you by BIL and only reflects the opinion of the author.
This article was first published in the Silicon Luxembourg magazine. Read the full digital version of the magazine on our website, here. You can also choose to receive a hard copy at the office or at home. Subscribe now.
