Fonds de solidarité FTQ has invested C$40 million in New Look Vision Group, a Montreal-based provider of eye care services operating with a network of 393 stores in Canada and the US. The deal was done in the form of a credit facility and will provide support to New Look during the covid-19 pandemic.
MONTRÉAL, June 15, 2020 /CNW Telbec/ – After investing in New Look Vision Group for the first time in 2013, the Fonds de solidarité FTQ is reaffirming its confidence in the company with a new $40 million investment. The credit facility granted to this leading provider of eye care services in Canada is part of the Fonds’ plan to support Québec businesses during the COVID-19 pandemic.
New Look Vision Group operates a network of 393 stores mainly under the New Look Eyewear, Vogue Optical, Greiche & Scaff, Iris, and Edward Beiner (in the United States) banners, and laboratories using state-of-the-art technologies.
“The COVID-19 pandemic is forcing businesses in all industries and of all sizes to rethink their plans. This is why the Fonds de solidarité FTQ has adopted a three-phase plan to meet the needs of Québec businesses and protect as many jobs as possible,” said Janie Béïque, the Fonds’ Executive Vice-President, Investments.
The first phase of the Fonds’ plan announced in March addressed urgent liquidity needs by offering deferred loan payments to all the companies in its portfolio. In the current second phase, the Fonds’ financing professionals are assisting entrepreneurs with their working capital needs in anticipation of their reopening. Over the next few months, the Fonds will focus on the recapitalization of companies.
“New Look is well positioned for the economic recovery despite the many challenges caused by exceptional circumstances. The credit facility granted by the Fonds provides the company with the flexibility it needs to grow,” said Daniel Hinse, Vice-President, Investments – Entertainment and Consumer Goods.
“The Fonds de solidarité FTQ was created following the economic crisis of the early 1980s. Just like in the early 1990s, in 2001-2002 and in 2008-2009, the Fonds will be here for Québec businesses through this difficult time and during the economic recovery,” concluded Ms. Béïque.
Antoine Amiel, President and CEO of Vision New Look, said: “Our rapid response to the crisis was centered primarily on the safety and well-being of our employees, associates and clients. We are based in Quebec and grateful for the Fonds support. This investment and Vision New Look’s efficient operations, historical profitability and strong balance sheet, will ensure that, as conditions improve, we will be ready to pursue our growth strategy in Canada and the United States in 2020 and beyond”
In a show of solidarity with healthcare workers on the front line during the coronavirus crisis, the Group launched the Guardian Angels program, allowing these workers to quickly replace their glasses if necessary. Thousands of pairs have been distributed, mostly in Greater Montréal, including safety glasses.
About the Fonds de solidarité FTQ
The Fonds de solidarité FTQ is a capital development fund that channels the savings of Quebecers into investments. With $16.7 billion in net assets as at November 30, 2019, the Fonds has helped create and protect more than 215,000 jobs. The Fonds has over 3,100 partner companies and upwards of 700,000 shareholders-savers.
About the New Look Vision Group Inc.
New Look Vision is a leading provider of eye care services in Canada, operating a network of 393 stores mainly under the New Look Eyewear, Vogue Optical, Greiche & Scaff, Iris, and Edward Beiner (in the United States) banners, and laboratories using state-of-the-art technologies. Tax information concerning payments to shareholders is available at www.newlookvision.ca in the Investors section.
For further information: for media representatives only: Patrick McQuilken, Senior Advisor, Press Relations and Communications, Fonds de solidarité FTQ, Telephone: 514 850-4835, Mobile: 514 703-5587, Email:firstname.lastname@example.org; Lise Melanson, New Look Vision Group, Telephone: 514 877-4119, Email: email@example.com, www.newlookvision.ca