Essilor Completes Coastal.com Acquisition

By

Hubert Sagnieres.
CHARENTON-LE-PONT, France— Essilor International (Reuters: ESSI.PA) announced that it has completed the acquisition of all outstanding common stock of Coastal.com, a leading online vision care retailer.

The transaction, announced Feb. 27, was approved by Coastal.com shareholders in an extraordinary meeting on April 16. It has also been cleared by regulatory authorities.

Based in Vancouver, Canada, Coastal.com designs and distributes a wide selection of optical equipment, including contact lenses, prescription and non-prescription eyeglasses, sunglasses and accessories. It reported revenue of CAD 218 million for the fiscal year ended Oct. 31, 2013. The price of the transaction was CAD 12.45 per Coastal.com share, which represents an equity value of approximately CAD 430 million.

“The acquisition of Coastal.com is fully aligned with Essilor’s efforts to make the Internet a powerful driver of growth across the optical industry,” said Hubert Sagnieres, Essilor’s chairman and CEO. “Online sales offer strong growth potential and this platform, used properly by Essilor, will help to educate consumers and make it more convenient for them to enjoy good visual health for the benefit of all industry players.”

Coastal.com will be consolidated by Essilor from May 1, 2014. Coastal.com shares will be withdrawn from trading on the Toronto Stock Exchange and the NASDAQ on the same date.