New Look to Acquire iVISION Group
New Look Vision Group announced they have entered into a definitive agreement to purchase Forward Vision Group Inc., operating 15 iVision locations in SW Ontario cities from Oakville to London. The revenues are reported at approximately $8 Million and the purchase price will be $13 Million subject to the usual price adjustments at closing. The iVision stores were founded in 1989 by the Catton family based in London Ontario.
According to the press release, Vogue Optical Group, a subsidiary of New Look based in Atlantic Canada will be responsible for the operations of the iVision stores.
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.”
The acquisition is expected to close on or about February 1st, 2016.