Laval, Quebec | September 15, 2016 — Bank of Montreal agreed to provide a senior secured lending facility to IRIS of $30 million.
The facility was to be used to acquire additional optometric practices in Canada as the Company expands to become Canada’s 3rd largest optical retailer.
Following the securing of the financing, IRIS immediately acquired a handful of practices that had been identified by senior management previously.
The financing created optionality for IRIS, as well, as it sought to increase the valuation paid by a strategic acquirer in a change of control transaction.
About Bank of Montreal
Bank of Montreal is a North American bank with more than 1,500 branches and a combined North American deposit base of approximately $180 billion.
About IRIS
IRIS was founded 1990 by Dr. Francis Jean in Quebec and based in Laval, Quebec. The retailer boasted 150 locations comprising of 53 corporate, 77 jointly owned and 20 franchise locations. In Canada, Iris had 82 stores in Quebec, 36 in British Columbia, 16 in Alberta, 15 in Ontario and one in New Brunswick.
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