(PRESS RELEASE) MONTREAL — New Look Vision Group Inc. has completed its acquisition of a majority position in The Vision Clinic.
Founded in 1994 by the Nekoui family and based in Grimsby, Ontario, The Vision Clinic is a leading local player in Southern Ontario. It operates 12 retail optical clinics under The Vision Clinic banner stretching from Hamilton eastwards through to the Niagara Peninsula. The family who founded the business will remain on as minority shareholders.
The purchase price for the majority position is $18.8 million, subject to customary price adjustments, and was financed by New Look Vision (TSX: BCI) with cash on hand.
Antoine Amiel, president and CEO of New Look Vision, said: “We feel very privileged to welcome The Vision Clinic team into our organization and look forward to partnering with the founders. The transaction will be a major step forward for both organizations. The Vision Clinic, based in Grimsby, Ontario serves one of the fastest growing regions of Canada’s most populous province and will operate as a stand-alone business unit within New Look Vision Group. The Vision Clinic adds to New Look Vision Group’s current network in Ontario a strong platform for the consolidation of the optician based retail segment of the Canadian optical industry. This transaction reinforces New Look Vision Group’s position as the largest Canadian retail optical company with a network in excess of 400 stores.”
Foad Nekoui, one of the founders of TVC, said: “Since 1994 we have been faithfully serving our patients and providing them with the vision care they have come to know and expect from The Vision Clinic. A partnership with New Look Vision Group will ensure the continuity of this long standing commitment. The motivation to retain a minority ownership position is driven by the advantages we see of partnering with a company who is committed to the advancement of vision health not only in Southern Ontario, but across the country for all Canadians.”
As of Nov. 30, New Look Vision Group had 15,660,199 Class A common shares issued and outstanding. New Look Vision Group is a leader in the eyecare industry in Canada and recently entered the U.S. It has a network of 405 locations operating mainly under the Iris, New Look Eyewear, Vogue Optical, Greiche & Scaff and Edward Beiner banners and a laboratory facility.
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