MONTREAL – New Look Vision Group Inc. has been acquired.
Outstanding Class A common shares of the company have been bought by FFL Partners, a San Francisco-based private equity firm; Caisse de dépôt et placement du Québec (CDPQ), a global investment group; and the Dr. H. Doug Barnes Family.
“We look forward to working together with our new partners to take New Look Vision to the next level of growth and add value for our customers, partners and employees across North America,” said Antoine Amiel, president and CEO of New Look Vision.
Chris Harris, managing partner at FFL Partners, said: “We’re pleased with the successful outcome of this transaction. We look forward to supporting New Look Vision’s exceptional leadership team led by President and CEO Antoine Amiel, and pursuing significant opportunities that we’ve identified to further build its strong store network in North America’s vibrant and growing eye care market.”
New Look’s network of stores totals 407 locations, operating mainly under the New Look Eyewear, Vogue Optical, Greiche & Scaff, Iris and Edward Beiner trade names. Certain prescription lenses are
processed at the Company’s laboratory facility, located in Ville St-Laurent, Québec.
The price of the acquisition was $50 cash per share. The only shares not included were “certain Shares held by certain shareholders who received, in respect of such Shares, consideration consisting of common shares of the purchaser,” according to a press release announcing the acquisition.
Reuters previously reported that the transaction valued New Look “at about $800 million on equity value basis and at about $970 million on an enterprise value basis.”
“This investment in New Look Vision – the leading Canadian eye care products and services provider – is aligned with our approach to support thriving entrepreneurial businesses in their expansion. Alongside FFL Partners and New Look Vision’s strong management team, we look forward to contributing to the next chapter of the company’s growth and enduring success,” said Kim Thomassin, executive vice president and head of investments in Québec and stewardship investing at CDPQ.
As a result of the completed transaction, shares of New Look Vision are expected to be delisted from the Toronto Stock Exchange at the close of trading on May 28.