The deal will close Oct. 1.
MONTREAL, QUEBEC — New Look Vision Group Inc. (TSX: BCI) is acquiring Iris, le groupe visuel (1990) Inc., an optometrist-based retail eyecare provider with 150 locations across Canada.
New Look said in a press release that it has entered into a definitive agreement to acquire all of the issued and outstanding shares of Iris. The purchase price for the shares of Iris is $120 million.
The deal is expected to close on or about Oct. 1, subject to customary closing conditions.
"The transaction will be a major step forward for both organizations," said Antoine Amiel, president and director of New Look. "Iris, based in Laval (QC) and Langley (BC), will operate as a stand-alone business unit within New Look Vision Group. Iris adds to New Look Vision Group's current network a strong platform for the consolidation of the optometry-based retail segment of the Canadian optical industry."
Amiel said the combined organization "will have estimated annual system-wide revenues exceeding $315 million, estimated consolidated annual revenues exceeding $265 million and a store network in excess of 375 locations reinforcing New Look Vision Group's position as the largest Canadian retail optical company and the 8th largest in North America."
Iris has 53 corporate, 77 jointly owned and 20 franchise locations, according to the release.
"A relationship of trust built over many years between the management teams of Iris and New Look Vision Group has evolved today into a common endeavour," said Dr. Michael Chaiken, president of Iris. "The two businesses have been highly successful by sharing common values of hard work and integrity, dedication to eye care, and a passion for retail optical."