MONTREAL — New Look Vision Group Inc., Canada’s largest optical company, announced plans to acquire the assets of Miami-based Coco Lunette Holding LLC, which operates mainly under the Edward Beiner banner.
Financial terms of the deal were not disclosed.
Under the direction of Edward Beiner and Guido Balocco, the Edward Beiner Co. has built a presence in key premium markets across 12 locations in Florida including Miami, Aventura, Boca Raton, Coconut Grove, Coral Gables, Naples, Orlando and Palm Beach. Its current annualized revenue is $11.65 million and it will continue to operate as a standalone unit within the New Look Vision Group.
This transaction marks the first time a Canada-based retail optical company acquires an eyewear retailer in the U.S., according to a press release from New Look Vision.
The combined entity will have a store network consisting of 390 locations, reinforcing New Look Vision’s position as the largest Canadian retail optical company and as a growing player in North America overall.
The acquisition of Edward Beiner is expected to close on or about Jan. 2 and is subject to customary closing conditions.
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Antoine Amiel, president and CEO of New Look Vision, said: “This is a significant strategic step forward for New Look Vision with our first participation in the U.S. retail optical market through the acquisition of a high quality established and promising business in the large and growing Florida market. A relationship of trust built over many years has today evolved into a common endeavour. Both groups share values of hard work, integrity, a passion for retail optical and a dedication to quality eye care. We feel privileged to welcome Edward and his team into our organization. The transaction will be a major step forward for both organizations.”
Edward Beiner, CEO of Edward Beiner Co., added: “It is an enormous privilege for me and the Edward Beiner group to become New Look Vision’s first entry into the US market. In joining New Look Vision we become part of a highly successful organization that will provide us with the support required to accelerate our growth, in Florida and throughout the U.S. Antoine and I share the same philosophy and vision about the US market and we are both confident that together we will achieve very positive results. In many ways, this union revives my long-standing association with Canada, where I attended school and began my optical career. As such, I am thrilled to rejoin many of my Canadian alumni, many of whom are part of New Look Vision and look forward to contributing to the overall success of our collective effort.”
