In a major transaction for the Canadian optical industry, New Look Eyewear has acquired Greiche & Scaff for $17.75 M.

 

The assets and business to be acquired by New Look include 49 corporately owned stores in Quebec, including 42 in the greater Montreal region, as well as an integrated lens processing facility located in Montreal. Founded in 1976, Greiche & Scaff posted revenues of approximately $30.7 million for the fiscal year ending March 31, 2014.

 

New Look entered into various financing arrangements to finance the acquisition, including a $10 million increase of its senior secured debt facility with its bank syndicate and a private placement agreement for the issuance of 500,000 subscription receipts at a price of $20 per receipt with a syndicate of Canadian investment firms led by GMP Securities L.P. Each receipt will allow its owner to acquire a share of New Look on the acquisition closing date, which is expected to be on or around October 1, 2014.   

 

“We will continue to operate the Greiche & Scaff business as a separate banner and store network within the New Look/Vogue Optical umbrella”, stated Martial Gagné, President of New Look. “We very much look forward to working with the Greiche & Scaff employees, associated optometrists and opticians and welcoming them to our group.”  

 

Source : http://www.newlook.ca/data/pdf/press/2014/fr/BCI-communique-presse-5-aout-2014.pdf

 

The famous optics and eyewear trade fair in Paris has made it its mission to increase the trade-related capacity of businesses in the industry via a new layout.

 

Silmo 2014 will be held September 26–29, and organizers have one thing in mind: to generate sales momentum for companies across the optical and eyewear sector and help them meet their buyers. Almost a thousand exhibiting companies will occupy an area of about 80,000 m². To help visitors avoid getting lost, the organizers divided the space based on 11 thematic sectors. At the entrance to Hall 5, the Ab Fab Lab (Absolutely Fabulous Laboratory) brings together some of the latest innovations in the manufacture of lenses and frames.

 

The Frames, Lenses and Contact Lenses sections will draw major companies who specialize in these fields, whereas the Village will continue to be the intersection of trends and designers. The trade show will also have areas dedicated to luxury and sports frames, as well as equipment for opticians, poor vision and point-of-sale equipment.

 

Silmo has also developed a new ad campaign, the graphics of which are reminiscent of the 2013 campaign, that places visitors firmly in the spotlight. It is made up of a series of four portraits of opticians, photographed during last year’s exhibition, who are clearly embracing the “Silmo effect.”

 

Novartis Pharmaceuticals, through its eye care subsidiary, Alcon, recently entered into a licencing agreement with Google to use its smart lens technology for medical purposes.

 

The objective of the agreement is to combine Google’s advances in the miniaturization of electronics with Novartis’ pharmaceuticals and medical device expertise.

 

In a media release, the Swiss group said that this agreement could “transform eye care” and address health issues in a non-traditional way. Novartis is focused on two patient groups: people with diabetes and people with presbyopia.

 

Smart lenses could be used to manage diabetes by providing a continuous measurement of the body’s glucose levels, which would be an ideal replacement for the famous “daily injections.” This could be achieved by measuring the eye’s lachrymal fluid level.

 

Smart lenses could also restore the eye’s natural focus, for example, thus helping people living with presbyopia who can no longer read without glasses.

Source:

http://www.lesechos.fr/industrie-services/pharmacie-sante/0203641609213-lentilles-intelligentes-novartis-passe-un-accord-avec-google-1024775.php

Last Friday, July 18^th, ClipInfo announced the sudden passing of Dr. Francis Jean president founder of Iris The Visual Group.  See the link below to read the full story published on the 18^th.   

Ceremonies in his memory: 

July 30^th in Montreal

Centre Mont Royal

2200 Mansfield

3:00 – 5:00 pm (reception to follow)

 

 

According to the information M2L Media obtained, Dr. Francis Jean, founder and president of IRIS, The Visual Group, died suddenly yesterday. More details about the circumstances of his death and his career to follow.

 

Our sincerest condolences to his family, loved ones, and the IRIS team.