New Look Vision Group Continues Roll-Up Strategy with ‘Tuck-In Acquisition’ in Ontario

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MONTREAL—New Look Vision Group Inc. (TSX: BCI) said its optometric division, Iris, The Visual Group, has entered into an agreement to acquire substantially all of the optical and business assets of Medical Arts Optical Inc.,  which operates under the name Medical Arts in North York, Ontario. The deal marks the 10th “roll-up” acquisition by New Look in 2019, according to the company’s recent announcement. The transaction is expected to close on or about Nov. 30, according to an announcement. The terms of the deal were not disclosed.

“This acquisition is a continuation of New Look Vision’s expansion strategy across Canada with current emphasis on Ontario,” New Look president Antoine Amiel said in the announcement. “To-date this year, we will have acquired 10 new roll-up locations across the country, including six in Ontario, the country’s most populous and fragmented eyecare market. We continue to monitor the landscape for additional attractive opportunities.”

In the announcement, Medical Arts Optical owner and licensed optician Perry Steigner noted that he has “passionately built Medical Arts Optical for over 27 years, based on high standards in optics, ethics and personalized service.” He added, “I believe that the timing was perfect for me to join Iris, a group of professionals that share my values and will help me to continue providing the best products and service to my clients."

Iris vice president of business development Dr. Daryan Angle said the company is excited to bring an optical business “with the same focus on high-quality products and service into the growing Iris network in Ontario.” Angle added, “Perry is an exceptional optician with over 40 years in the industry and we are honored to welcome him and his team to the Iris family of professionals.”

New Look, a leading eyecare provider in Eastern Canada, has three main retail optical banners: New Look Eyewear, Vogue Optical and Greiche & Scaff. Its network consists of 212 corporately owned eyecare stores, primarily in Quebec (122 locations).