CPE News (12/21/2020) – New Look Vision Group Inc. (TSX: BCI), a portfolio company of Benvest Holdings Limited, has acquired majority position in The Vision Clinic (TVC) from the founding Nekoui family for $18.8 million. The Nekoui family will remain on as minority shareholders.
Founded in 1994, Grimsby, Ontario based TVC operates 12 retail optical clinics under The Vision Clinic banner stretching from Hamilton eastwards through to the Niagara Peninsula.
Benvest Holdings Limited, a company majority controlled by W. John Bennett, is the single largest shareholder in New Look Vision Group with 30.7% of voting power.
Montreal based New Look Vision Group is a leader in the eye care industry in Canada and recently entered the United States. New Look Vision Group 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.
photo credit: The Vision Clinic
News Release
New Look Vision Group Inc. Completes Acquisition of The Vision Clinic
MONTREAL, Dec. 21, 2020 (GLOBE NEWSWIRE) — New Look Vision Group Inc. (TSX: BCI) (“New Look Vision Group”), announced today that it has completed its acquisition of a majority position in The Vision Clinic (“TVC”). Founded in 1994 by the Nekoui family and based in Grimsby, Ontario, the business is a leading local player in Southern Ontario. TVC 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 Group with cash on hand.
Antoine Amiel, President and CEO of New Look Vision Group stated that: “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 stated that: “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 November 30, 2020, New Look Vision Group had 15,660,199 Class A common shares issued and outstanding. New Look Vision Group is a leader in the eye care industry in Canada and recently entered the United States. New Look Vision Group 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 using state-of-the-art technologies. Tax information regarding payments to shareholders is available at www.newlookvision.ca in the Investors section.
For additional information please see our Web site www.newlookvision.ca. For enquiries, please contact Lise Melanson (514) 877-4119.