Canadian eyecare products and services supplier New Look Vision Group has entered into a definitive agreement to acquire all the assets of retail chain Visions One Hour Optical.
Operated by Martens family, Vision One Hour Optical operates under the name of Visions Optical in British Columbia.
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Founded in 1988, Vision Optical is based in Abbotsford, British Columbia, and has ten retail optical locations in key areas across Victoria, Nanaimo, New Westminster, Abbotsford, Chilliwack, Penticton and Prince George.
Victoria and Price George have three and two Vision Optical stores, respectively.
Subject to customary price adjustments, the $6.6m acquisition will be funded by New Look Vision from current banking facilities.
New Look Vision president and director Antoine Amiel said: “Although currently small in stature, this successful chain has an established footprint in key local communities across British Columbia, and will be a solid base for future growth in Canada’s third largest market after Ontario and Quebec.
“Entering British Columbia is another step forward towards our goal of becoming a national player across Canada.”
The deal is expected to close by 1 December.
New Look Vision has around 212 corporate stores under the New Look Eyewear, Vogue Optical and Greiche & Scaff banners, and has separate laboratory facilities.
