New Look Vision Group Inc. Continues its Roll-Up Strategy With Another Tuck-In Acquisition in Ontario
MONTREAL, Oct. 16, 2019 (GLOBE NEWSWIRE) — New Look Vision Group Inc. (TSX: BCI) (“New Look Vision”), announced today that its optometric division, Iris, The Visual Group (1990) Inc. (“Iris”) has entered into an agreement to acquire substantially all of the optical and business assets of Medical Arts Optical Inc. which operates under the name Medical Arts in North York, Ontario.
Antoine Amiel, President of New Look Vision stated that: “This acquisition is a continuation of New Look Vision’s expansion strategy across Canada with current emphasis on Ontario. To-date this year, we will have acquired ten new roll-up locations across the country, including six in Ontario, the country’s most populous and fragmented eye care market. We continue to monitor the landscape for additional attractive opportunities.”Perry Steigner, owner of Medical Arts Optical: “I have passionately built Medical Arts Optical for over 27 years, based on high standards in optics, ethics and personalized service. I believe that the timing was perfect for me to join Iris, a group of professionals that share my values and will help me to continue providing the best products and service to my clients.”Dr. Daryan Angle, VP, Business Development of Iris, stated that: “We are excited to bring an eye care business with the same focus on high quality products and service into the growing Iris network in Ontario. Perry is an exceptional optician with over 40 years in the industry and we are honoured to welcome him and his team to the Iris family of professionals. Together we will continue to provide the same exceptional care to his loyal clients.”The acquisition of Medical Arts Optical is expected to close on or about November 30, 2019.
As of September 30th, 2019, New Look Vision had 15,644,819 Class A common shares issued and outstanding. New Look Vision is a leader in the eye care industry in Canada comprised of a network of 380 locations operating mainly under the Iris, New Look Eyewear, Vogue Optical and Greiche & Scaff banners and laboratory facilities using state-of-the-art technologies. Tax information regarding payments to shareholders is available at www.newlookvision.ca in the Investors section.For additional information please see our Web site www.newlookvision.ca.For enquiries, please contact Lise Melanson (514) 877-4119.