The Fonds de solidarité FTQ put back on the Group Vision with a New Look, by lending him $ 40 million.
The credit facility granted to the retailer services in vision care is part of the plan Fund to support québec companies during the outbreak of the COVID-19.
“New Look is in a good position for the economic recovery despite the many challenges caused by exceptional circumstances. The credit facility granted by the Fund gives the company the necessary leeway to ensure its growth,” said Daniel Hinse, vice-president, Investments, Entertainment and consumer goods of the Fund by press release.
This is the third investment of the Fund in the company, which operates a network of 393 stores, primarily under the banners of Lunetterie New Look, Vogue Optical, Greiche & Scaff, Iris, and Edward Beiner (United States), as well as laboratories. The Fund has already loaned $ 50 million and holds $ 32 million in action in the capital of the company of montreal.
“This additional investment is part of the financial arrangements that we made at the beginning of the crisis to ensure our financial autonomy and our ability to resume external growth as early as possible”, explained the president and chief executive officer of Vision with a New Look, Antoine Amiel.
Vision New Look has seen strong growth in recent years thanks to a series of acquisitions, most notably in Ontario and in the United States. It had swallowed its competitor, Iris, thanks to the help of the Fund in 2017.