New Look Vision Group Inc. (TSX: BCI) (“New Look Vision” or the “Company”), announced today that it has entered into a definitive agreement to acquire the retail optical assets and business forming part of Forward Vision Group Inc. carrying on business principally under the iVision banner in southwestern Ontario. Founded in 1989 by the Catton family and based in London, Ontario, the business is a leading local player in the retail optical market stretching from London eastwards through to the greater metropolitan Toronto area. The target has 15 locations, 11 operating under the iVision banner in local communities, including London, Kitchener, Waterloo, Guelph, Brantford, Burlington and Oakville. Revenues for the twelve months ended September, 2015 are estimated to be $8 million. Vogue Optical Group Inc., a subsidiary of New Look Vision, will be responsible for operating this business. The purchase price will be $13 million, subject to customary price adjustments and will be financed by New Look Vision from current banking facilities.
Antoine Amiel, President and Director of New Look Vision stated that: “This is a very important strategic step into the southwestern Ontario market and will be a solid platform for staging further significant growth in this area. This is further evidence of our intent to become a major national player in Canada.”
John MacLeod, President of Vogue Optical Group Inc. added: “We are very much looking forward to working with the operations team at iVision in order to expand on the current success of the business.”
The acquisition of iVision is expected to close on or about February 1st, 2016.