The Optical Group Sold to New Look Vision
Ontario-based buying group, representing independent eye care professionals across Canada, has been sold to the New Look Vision Group.
In a statement to Optik, Ruth Priebe, Director of Operations of The Optical Group (TOG)indicated that the new partnership with New Look VIsion will broaden TOG’s product, service and financial base. The entire TOG team will remain in place and operate independently within the new parent group.
“The dedicated and talented team supporting our members, vendors and partners remains in Whitby (ON). We will now have a greater access to resources, technologies, and products to continue driving value and promote development”, said Priebe.
The Optical Group (TOG) has been a long-standing Canadian buying group consisting mostly of independent Opticals and Optometric practices. The group was started in 1988 by Grant Osborne.
TOG was sold in 2006 to Emerging Vision, a USA based organization with interests in the optical market, including optical retailers Site for Sore Eyes and Sterling Vision.
This transaction repatriates the group to Canada.
TOG offers consolidated billing and group purchasing, supplier discounts and private label products to its national member network of nearly 600 member practices across the country.
Earlier this year, New Look Vision’s publicly traded shares were purchased by a group composed of funds managed by FFL Partners, LLC, a San Francisco-based private equity firm, Caisse de dépôt et placement du Québec or one of its affiliates (“CDPQ”), and the Dr. H. Doug Barnes Family.
As a result of this transaction, shares of New Look were removed from the Toronto Stock Exchange (TSE). More Information.
Click HERE for The Optical Group statement.