Caisse de dépôt et placement du Québec

Caisse de dépôt et placement du Québec and FFL Partners agree to acquire New Look

Client

Caisse de dépôt et placement du Québec

Value

$800 million

Service

Mergers and Acquisitions

Date Closed

May 2021

Industry

Retail & Consumer Products

Lead Office

Montréal

 

On March 18, 2021, Caisse de dépôt et placement du Québec (“CDPQ”) and NL1 Acquireco Inc., an entity created by a group composed of funds managed by FFL Partners, LLC (“FFL”), announced that they entered into an arrangement agreement to acquire New Look Vision Group Inc. (“New Look”).

The transaction, which values New Look at approximately $800 million on an equity value basis and approximately $970 million on an enterprise value basis, is to be effected by way of a court-approved plan of arrangement and is expected to close in the first half of 2021, subject to the receipt of shareholder, court and other customary approvals.

This transaction offers significant and immediate value to New Look shareholders, while also providing the company with additional capital and support from CDPQ and FFL to further their acquisitive story.

Caisse de dépôt et placement du Québec (CDPQ) is a long-term institutional investor that manages funds primarily for public and para-public pension and insurance plans in Quebec and is the second-largest pension fund in Canada.

FFL Partners is a San Francisco-based private equity firm that pursues thematic investments in business services and healthcare services where their partnerships help accelerate growth and unlock value.

New Look Vision Group Inc. is a leading provider of eye care products and services in Eastern Canada. Its shares are listed on the Toronto Stock Exchange.

Osler, Hoskin & Harcourt LLP advised Caisse de dépôt et placement du Québec with a team consisting of Niko Veilleux, Sophie Amyot, Jordana Corber-Tovel (Corporate), Manon Thivierge, Paul Seraganian, David Wilson (Taxation), Michelle Lally (Competition), Kristin Ali and Natasha Anzik (Privacy).