October 19, 2016 - 3:40 PM
MONTREAL - New Look Vision Group Inc. (TSX:BCI) has entered into an agreement to buy the Visions Optical retail chain in British Columbia.
The Montreal-based provider of eye care products and services said the purchase price, which includes Vision Optical's 10 locations in key local markets throughout B.C., will be $6.6 million.
Revenues for Vision Optical for the 12 months ended July 31 are estimated to be $5.2 million.
New Look Vision president Antoine Amiel said the acquisition of Visions Optical provides it with a solid base for future growth in B.C., and represents another step forward towards the company's goal of becoming a national player across Canada.
New Look Vision currently has a network of 212 stores mainly throughout Eastern Canada.
The Visions Optical deal is expected to close on or about Dec. 1.
News from © The Canadian Press, 2016