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New Look Vision Group Inc. Announces the Completion of New Financing Arrangements
June 15, 2020
New Look Vision Group Inc. ("New Look Vision" or the "Company") (TSX: BCI) announced today the finalization of new financing arrangements for $40 million.
With an initial investment in 2013, Fonds de solidarité FTQ (the “Fonds”) reaffirms its confidence in the Company by investing an additional $40 million. The credit facility granted to New Look vision is part of the Fonds' plan to support Québec businesses during the COVID-19 pandemic.
Antoine Amiel, President and Chief Executive Officer of New Look Vision, stated: "Our rapid response to the crisis was centered primarily on the safety and well-being of our employees, associates and clients. 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.”
"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," continued Daniel Hinse, Vice-President, Investments, Entertainment and Consumer Products of the Fonds.
New Look Vision showed its solidarity towards healthcare 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 Montréal area, were distributed including safety glasses.
The gradual store reopening started on May 4th in line with local and professional regulations. Ahead of reopening stores, the Company issued stringent health and safety procedures, undertook extensive training in the form of in-store rehearsals and is providing each location with prescribed personal protection equipment.
About New Look Vision Group Inc.: New Look Vision is a leader in the eye care industry in Canada with a network of 393 stores operating mainly under the New Look Eyewear, Vogue Optical, Greiche & Scaff, Iris, and Edward Beiner banners (in the US) and laboratory facilities using state-of-the-art technologies. Tax information regarding payments to shareholders is available at www.newlookvision.ca in the Investors section.
About the Fonds de solidarité FTQ: The Fonds de solidarité FTQ is a development capital fund that calls upon the solidarity and savings of Quebecers. With net assets of $16.7 billion as at November 30, 2019, the Fund supports more than 215,000 jobs. The Fund is a partner of more than 3,100 companies and today has more than 700,000 investor-shareholders.
For additional information:
New Look Vision Group Inc.
Fonds de solidarité FTQ (journalists only)
Senior Advisor for Media Relations and Communications
Fonds de solidarité FTQ
Telephone: 514 850-4835
Cellular: 514 703-5587
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