New Look to Acquire Visions One Hour in British Columbia
New Look Vision Group Inc. has announced that it has entered into a definitive agreement to acquire substantially all the assets of Abbotsford-based Visions One Hour Optical Ltd, expected to close around December 1, 2016.
Founded in 1988, the acquisition will provide New Look with 10 retail optical locations in key local markets across the province and annual revenues over $5 Million. The purchases price is Rev $6.6 million, subject to customary price adjustments.
Antoine Amiel, President and Director of New Look Vision stated that: “Although currently small in stature, this successful chain has an established footprint in key local communities across British Columbia and will be a solid base for future growth in Canada’s third largest market after Ontario and Quebec. Entering British Columbia is another step forward towards our goal of becoming a national player across Canada.”
New Look Vision is a leader in the eyecare industry in Eastern Canada comprised of a network of 212 corporate stores mainly under the New Look Eyewear, Vogue Optical and Greiche & Scaff banners and laboratory facilities using state-of-the-art technologies.