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Emerging Vision to acquire sunglasses maker Optical Group
31 May '07
3 min read
Emerging Vision Inc announced that, on May 23, 2007, it entered into a letter of intent to acquire The Optical Group (TOG), one of the leading optical group purchasing organizations in Canada.
The acquisition, which represents Emerging Vision's (EVI) first step in international expansion, is expected to be finalized in July 2007, at which time the financial terms of the transaction will be disclosed.
TOG, which is based in Ontario, Canada, operates an optical group purchasing business which provides its members with discounts on the purchase of optical products. For the twelve months ended March 31, 2007, TOG had unaudited revenues of approximately $37.0 million USD.
TOG currently has approximately 550 active members in its optical group purchasing business. EVI intends to keep TOG's existing operational infrastructure in place.
Christopher Payan, Chief Executive Officer of EVI, commented that “We are very excited about the benefits of this transaction for Emerging Vision. In addition to doubling our existing revenue base and demonstrating continued growth in our buying group segment, we believe that the acquisition of The Optical Group will be complimented greatly by EVI's existing organization. We believe the additional resources that EVI will provide will help support the continued growth of The Optical Group.”
Grant Osborne, TOG's founder and Managing Member, added, “As I approach 60 years of age, and The Optical Group approaches its 20th year of steady growth, I felt it was time to begin developing an exit strategy for myself, while also ensuring the preservation of all that has helped make The Optical Group one of the largest buying groups in Canada."
The acquisition, which represents Emerging Vision's (EVI) first step in international expansion, is expected to be finalized in July 2007, at which time the financial terms of the transaction will be disclosed.
TOG, which is based in Ontario, Canada, operates an optical group purchasing business which provides its members with discounts on the purchase of optical products. For the twelve months ended March 31, 2007, TOG had unaudited revenues of approximately $37.0 million USD.
TOG currently has approximately 550 active members in its optical group purchasing business. EVI intends to keep TOG's existing operational infrastructure in place.
Christopher Payan, Chief Executive Officer of EVI, commented that “We are very excited about the benefits of this transaction for Emerging Vision. In addition to doubling our existing revenue base and demonstrating continued growth in our buying group segment, we believe that the acquisition of The Optical Group will be complimented greatly by EVI's existing organization. We believe the additional resources that EVI will provide will help support the continued growth of The Optical Group.”
Grant Osborne, TOG's founder and Managing Member, added, “As I approach 60 years of age, and The Optical Group approaches its 20th year of steady growth, I felt it was time to begin developing an exit strategy for myself, while also ensuring the preservation of all that has helped make The Optical Group one of the largest buying groups in Canada."
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