FFL Partners and CDPQ acquire New Look Vision Group
FFL Partners, a San Francisco-based private equity firm, Caisse de dépôt et placement du Québec (CDPQ), a global investment group, and the Dr H Doug Barnes Family have acquired all of the outstanding Class A common shares of the New Look Vision Group Inc for USD50.00 in cash per Share, other than certain Shares held by certain shareholders who received consideration consisting of common shares of the purchaser.
“We look forward to working together with our new partners to take New Look Vision to the next level of growth and add value for our customers, partners and employees across North America,” said Antoine Amiel, President and Chief Executive Officer of New Look Vision.
“We’re pleased with the successful outcome of this transaction,” says Chris Harris, Managing Partner at FFL Partners. “We look forward to supporting New Look Vision’s exceptional leadership team led by President and CEO Antoine Amiel, and pursuing significant opportunities that we’ve identified to further build its strong store network in North America’s vibrant and growing eye care market.”
“This investment in New Look Vision – the leading Canadian eye care products and services provider – is aligned with our approach to support thriving entrepreneurial businesses in their expansion. Alongside FFL Partners and New Look Vision’s strong management team, we look forward to contributing to the next chapter of the company’s growth and enduring success,” said Kim Thomassin, Executive Vice-President and Head of Investments in Québec and Stewardship Investing at CDPQ.
FFL has a strong track record of investing in and building leading eyecare and optical retail businesses, including Eyemart Express, the second largest independent, value-focused optical retailer in the US; and EyeCare Partners; one of the leading vision care providers and a former portfolio company of FFL.
CDPQ supports companies to grow, expand internationally, and accelerate their technological turn, while investing in projects that produce a more sustainable economy. CDPQ’s diverse presence in the health care services sector includes a previous investment in New Look Vision in 2019.
The Plan of Arrangement was originally announced on 18 March, 2021, and was approved by the Company’s shareholders at a special meeting held on May 14, 2021. The Company obtained a final order from the Superior Court of Québec in respect of the Plan of Arrangement on 18 May, 2021.
As a result of the completed transaction, the Shares of New Look Vision are expected to be delisted from the Toronto Stock Exchange at the close of trading on 28 May, 2021. The Company will submit an application to cease to be a reporting issuer under applicable Canadian securities laws and to otherwise terminate the Company’s public reporting requirements.