MONTREAL—New Look Vision Group (TSX:BCI) said it has entered into a definitive agreement to acquire substantially all of the assets of Visions One Hour Optical Ltd., which operates principally under the Visions Optical banner in local communities across British Columbia.

Founded in 1988 and operated by the Martens family, the business is based in Abbotsford, British Columbia and has 10 retail optical locations in key local markets across the province, including Vancouver Island, the lower mainland (New Westminster, Abbotsford and Chilliwack) and in the interior (Penticton and Prince George). Revenues for the 12 months ended July 31, 2016 are estimated to be $5.2 million. The purchase price will be $6.6 million, subject to customary price adjustments and will be financed by New Look Vision from current banking facilities, the company said.

Antoine Amiel, president and director of New Look Vision, stated, “Although currently small in stature, this successful chain has an established footprint in key local communities across British Columbia and will be a solid base for future growth in Canada’s third largest market after Ontario and Quebec. Entering British Columbia is another step forward toward our goal of becoming a national player across Canada.”

The acquisition of Visions Optical is expected to close on or about Dec. 1, 2016.

New Look Vision is a leader in the eyecare industry in Eastern Canada comprised of a network of 212 corporate stores mainly under the New Look Eyewear, Vogue Optical and Greiche & Scaff banners and laboratory facilities using state-of-the-art technologies.