Iris has 147 locations across Canada.
(Press Release) La société New Look Vision Group Inc. (TSX: BCI) announced that it has completed the acquisition of all of the shares of Iris, le groupe visuel (1990) Inc.
As previously announced, the purchase price was $120 million on a cash-free and debt-free basis, subject to customary post-closing price adjustments. Based in Laval, Quebec, Iris has a network of 147 locations across Canada. It is estimated that the combined entity will have annual system-wide revenues exceeding $315 million, estimated consolidated revenues exceeding $265 million and a store network of 379 locations. It is the largest Canadian integrated retail optical company in a fragmented optical retail industry characterized by competition from other optical retail chains and independent operators, as well as vertically integrated business models, warehouse stores, supercenters and online retailers.
As previously announced, New Look Vision financed the acquisition though an increase to its senior secured term facility with its bank syndicate, a new junior unsecured debt facility and the private placement of 1,616,000 subscription receipts at a price of $30.94 per subscription receipt. These subscription receipts are exchangeable today for 1,616,000 Class A common shares of New Look Vision. As a result thereof, 15,439,260 Class A common shares of New Look Vision are currently issued and outstanding.
Antoine Amiel, president and director of New Look, said:
“After a lot of hard work and effort by the respective management teams we are pleased to announce the closing of the Iris transaction. The addition of Iris as a stand alone business unit within New Look Vision will permit the combined entity to take advantage of economies of scale and share resources and knowledge that will benefit our customers at a time of growing demand for eye care in Canada. We are looking forward to working with the Iris team and heading into the future together.”
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