Coronavirus BRIEFING

New Look Vision Group Announces the Completion of New Financing Arrangements

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MONTREAL—New Look Vision Group Inc. has finalized a new financing arrangement valued at $40 million, according to an announcement Monday. Fonds de solidarité FTQ, which initially invested in the Canadian eyecare group in 2013, “reaffirms its confidence in the company by investing an additional $40 million,” the announcement noted. The credit facility granted to New Look vision is part of the Fonds' plan to support Québec businesses during the COVID-19 pandemic. "Our rapid response to the crisis was centered primarily on the safety and well-being of our employees, associates and clients,” New Look president and chief executive officer Antoine Amiel said in the announcement.

“This additional investment is part of the financial arrangements we made early in the crisis to ensure our financial autonomy and our ability to resume external growth as early as possible.”

Daniel Hinse, a Fonds’ vice president, investments, entertainment and consumer products, added, "New Look is well positioned for economic recovery despite the many challenges caused by these exceptional circumstances. The credit facility granted by the fund provides the company with the necessary leeway to ensure its growth.”

New Look Vision showed its solidarity toward health care professionals during the coronavirus crisis by launching the "Guardian Angels" program, providing hospital personnel the opportunity to replace broken eyewear quickly. Several thousand pairs, mainly in the greater Montreal area, were distributed, including safety glasses, the announcement noted.

In addition, New Look noted that gradual store reopenings began on May 4 in line with local and professional regulations. Ahead of reopening stores, the company issued stringent health and safety procedures and undertook extensive training in the form of in-store rehearsals. New Look said it continues to provide each location with prescribed personal protection equipment.

New Look Vision is a leader in the eyecare industry in Canada with a network of almost 400 stores operating mainly under the New Look Eyewear, Vogue Optical, Greiche & Scaff and Iris banners. The company also owns Edward Beiner optical locations in the U.S. market.