MONTREAL—New Look Vision Group Inc. announced Friday that its shareholders voted to approve a proposed deal that will have three investor groups take the Canadian optical retail company private. In its statement, New Look Vision referred to the results of the vote at the special meeting of the shareholders as a “positive outcome.” The vote was in favor of the previously announced plan for NL1 AcquireCo Inc. to take ownership of New Look Vision, which operates 407 locations, primarily in Canada. 

The NL1 AcquireCo Inc. is an entity created by a group composed of funds managed by FFL Partners, a San Francisco-based private equity firm; Caisse de dépôt et placement du Québec or one of its affiliates, and the Dr. H. Doug Barnes Family. 
VMAIL initially reported on the proposed transaction in March.
Under the terms of the proposed deal, New Look Vision shareholders will receive $50 in cash per Class A common share of New Look Vision, other than certain shareholders who will receive, in respect of certain of their shares, common shares of the purchaser.

New Look Vision is a leading provider of eyecare products and services across Canada and entered the U.S. in 2020.
The company's network of stores operates mainly under the New Look Eyewear, Vogue Optical, Greiche & Scaff and Iris banners in Canada, and the Edward Beiner banner in Florida.
On Friday, the results of the vote showed that 14,828,948 votes, or 100 percent of the votes cast at the meeting, were cast in favor of the special resolution approving the proposed deal. The special resolution approving the proposed deal was required to be passed by at least two-thirds of the votes cast at the meeting, according to the New Look Vision announcement.
New Look Vision said it will apply for a final order of the Québec Superior Court on Tuesday (May 18). Closing of the deal remains subject to certain customary closing conditions, including court approval. Assuming the satisfaction of these closing conditions, the deal is expected to close on or about May 26, 2021, the announcement noted.