March 29, 2021

Willkie represented purchaser NL1 AcquireCo Inc., an entity led by FFL Partners and CDPQ, in the transaction.

New Look Vision Group Inc. (TSX: BCI.TO) announced that it has entered into an arrangement agreement to be acquired by purchaser NL1 AcquireCo Inc., an entity controlled by a group composed of funds managed by FFL Partners, LLC, Caisse de dépôt et placement du Québec (CDPQ) and the Dr. H. Doug Barnes Family.

Under the terms of the agreement, the purchaser will acquire, for a purchase price of C$50.00 in cash per share, all of the issued and outstanding Class A common shares of New Look Vision. The transaction values New Look Vision at approximately C$800 million on an equity value basis and at approximately C$970 million on an enterprise value basis. The purchase price represents a 26% premium to the New Look Vision closing share price on March 18, 2021 and a 37% premium to the 30-day volume-weighted average price per share for the period ending on March 18, 2021.

New Look Vision is a leading provider of eye care products and services across Canada and entered the United States in 2020. With a network of stores across 406 locations, its products include prescription eyewear and non-prescription eyewear, contact lenses, sunglasses, protective eyewear and reading glasses, and accessories.

Founded in 1997, FFL Partners is a San Francisco-based private equity firm with over $4.5 billion under management. CDPQ is a global investment group managing funds for public retirement and insurance plans, active in the major financial markets, private equity, infrastructure, real estate and private debt. 

Willkie is acting as U.S. legal advisor to the purchaser. The Willkie deal team was led by partners Neil Townsend and Viktor Okasmaa, and included partners David Cosgrove and Russell Pinilis and associate Hugh McLaughlin.