New Look Vision Group Completes Acquisition of IRIS
Montreal, Quebec: New Look Vision Group Inc. announced that it has completed the acquisition of all of the shares of Iris, The Visual Group (1990) Inc. As previously announced on Infoclip.ca, the purchase price is $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.
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.
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