Optical Prism July 2019 - Page 45

Glimpses NEW LOOK ANNOUNCES ACQUISITION KENMARK RENEWS LICENCE WITH ORIGINAL PENGUIN New Look Vision Group Inc. has announced that its optometric division, Iris, The Visual Group (1990) Inc. has acquired substantially all of the optical assets and business of the Darryl Sher group operating six retail optical clinics in southern Ontario: Toronto, Owen Sound, Midland, Alliston, Angus and Bracebridge, all of which will be rebranded under the Iris banner. Kenmark Eyewear has announced the renewal of an exclusive license agreement for the development, production and worldwide distribution of eyewear for the Original Penguin brand. The agreement will extend to 2024. Kenmark Eyewear has partnered with Original Penguin since 2011, launching the brand with segments that include Original Penguin optical, Original Penguin optical sun and Original Penguin Junior. Antoine Amiel, president of New Look Vision, stated: “After more than a year of integrating recent acquisitions, including Iris, and de-leveraging, this transaction marks the return to our Canadian roll-up strategy, in this case led by Iris. Ontario is a key market in this growth process.” Darryl Sher, owner of the acquired outlets, stated: “Joining the Iris network was a logical next step that will set my clinics up for continued success in the years to come. Iris’ commitment to the advancement of eye care in Canada and strong culture are very much aligned with my core values. The decision to remain on as a minority partner in the acquired clinics was an easy one and I look forward to helping Iris in its stated objective of growing its presence in Canada’s most populous province.” Original Penguin The Sonny Optical Prism | July 2019 43