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New Look Vision to eye up a deal with Edward Beiner
Posted on Monday, 02 December 2019 15:00
New Look Vision Group is acquiring US-based eyewear retailer Coco Lunette Holding, better known as Edward Beiner.
No financial details have been disclosed but the deal is slated to complete on or around 2nd January 2020.
The transaction, which represents the first time a Canada-based optical company has bought a US eyewear retailer, remains subject to the usual closing conditions.
Miami-headquartered Edward Beiner designs and manufactures a range of prescription and designer glasses.
It offers brands such as Gucci, Dita and Garrett Leight, as well its own 3D print collection.
Edward Beiner operates across key markets in the US, namely Boca Raton, Coral Gables and Orlando, and provides eye exam clinics throughout its stores.
The group posts annual revenue of CAD 15.50 million (USD 11.67 million).
Upon completion, Edward Beiner will continue to operate as a stand-alone unit within New look Vision.
Antoine Amiel, chief executive of the buyer, said: “This is a significant strategic step forward for New Look Vision with our first participation in the US retail optical market through the acquisition of a high quality established and promising business in the large and growing Florida market.”
As a result of the deal, the enlarged company will comprise a store network of 390 locations.
The transaction will help consolidate New Look Vision’s position as the largest retail optical business in Canada, while growing its presence in the North American market.
For the nine months ended 28th September 2019, the group posted revenue of CAD 74.42 million, up 1.8 per cent from CAD 72.87 million in the corresponding period of 2018.
Zephyr, the M&A database published by Bureau van Dijk, shows there have been 28 deals targeting optical goods stores signed off worldwide since the beginning of 2019.
In the most valuable of these in the year to date, EssilorLuxottica agreed to buy a 76.7 per cent stake in Netherlands-based GrandVision for EUR 5.47 billion.
© Zephus Ltd