new look

FFL Partners and CDPQ Complete Acquisition of New Look Vision Group

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.

New Look Vision Group Inc. today announced that it has entered into an arrangement agreement to be acquired by NL1 AcquireCo Inc. an entity created 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 and the Dr. H. Doug Barnes Family.

Under the terms of the Arrangement Agreement, subject to shareholder, court and other customary approvals, the Purchaser will acquire, for a purchase price of $50.00 in cash per share all of the issued and outstanding Class A common shares of New Look Vision the Transaction values New Look Vision at approximately $800 million on an equity value basis and at approximately $970 million on an enterprise value basis. The Purchase Price represents a 26% premium to the New Look Vision closing share price on March 18, 2021 and a 37% premium to the 30-day volume-weighted average price per share for the period ending on March 18, 2021.

W. John Bennett, long-time Chairman and principal shareholder of New Look Vision stated “Having been significantly involved with the Company for over 20 years, I am extremely proud of the entire management team for what has been built and accomplished while maintaining the highest professional and ethical standards so key to success in the retail optical industry. FFL, CDPQ and the Dr. H. Doug Barnes Family, with their industry experience and financial strengths, are the ideal partners to take New Look Vision to the next level of development and success.”

Antoine Amiel, President and Chief Executive Officer of New Look Vision, said “The Transaction offers significant and immediate value to our shareholders, while also providing New Look Vision with additional capital to further our expansion and strategic investments in technology. With our new partners, we look forward to continuing to invest in our Company to best serve our customers, employees, and business partners.”

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