Glimpses
NEW LOOK VISION GROUP TO ACQUIRE IRIS
New Look Vision Group has announced that it has entered into a definitive agreement to acquire all of the issued and outstanding shares of Iris , le groupe visuel ( 1990 ) Inc .
Founded in 1990 by Dr . Francis Jean in Baie- Comeau , Que ., and based in Laval , Que ., Iris has grown to become a leading optometrist-based retail eye care provider across Canada with a network of 150 locations , comprising 53 corporate , 77 jointly owned and 20 franchise locations .
The Iris banner is recognized nationally with locations in Quebec ( 82 ), British Columbia ( 36 ), Alberta ( 16 ), Ontario ( 15 ) and New Brunswick ( 1 ).
Adjusted pro forma system-wide revenues of Iris for the twelve months ended Sept . 30 , 2016 , amounted to approximately $ 110 million while adjusted pro forma consolidated revenues for the same period amounted to approximately $ 60 million .
The combined entity will have estimated annual system-wide revenues exceeding $ 315 million , estimated consolidated annual revenues exceeding $ 265 million and a store network in excess of 375 locations reinforcing New Look Vision Group ’ s position as the largest Canadian retail optical company and the eighth largest in North America .
The acquisition of Iris is expected to close on or about October 1 , 2017 , subject to customary closing conditions .
HOYA COMPLETES ACQUISITION OF PERFORMANCE OPTICS
HOYA Corporation has announced the completion of the acquisition of Performance Optics , LLC , including its subsidiaries VISION EASE and Daemyung Optical .
Performance Optics is a global ophthalmic lens manufacturer specializing in polycarbonate , photochromic , polarized and high index eyeglass lenses . The acquisition complements the HOYA Life Care portfolio , further expanding both HOYA ' s geographic reach and product offering for its HOYA Vision Care division .
Performance Optics is a global eyeglass lens manufacturing company employing over 2,000 people around the world . With manufacturing facilities in the United States , South Korea , China , Thailand and Indonesia , Performance Optics serves the global needs of eywear customers . " Performance Optics ' subsidiaries , VISION EASE and Daemyung Optical , have capabilities and cultures of innovation , quality and service that strongly complement HOYA ' s footprint and long-standing reputation in the eyewear industry ," said John Weber , CEO of Performance Optics . " By joining forces , we will better meet our customers ' global needs across geographies ."
" The closing of the Performance Optics acquisition is another key milestone for our Life Care segment ," said Augustine Yee , Chief Legal Officer and Global Head of Corporate Development and Affairs at HOYA Corporation . " Performance Optics will now join HOYA Vision Care in their efforts to promote and support Eyecare and Industry Professionals with high-quality products , service and support . We also look forward to augmenting our global research & development capabilities with the creation of a new technology center of excellence outside of Thailand and Japan ."
Optical Prism | September 2017 47