M&A Deal Summary

FFL Partners, CDPQ and Ardian Acquire New Look Vision

On May 26, 2021, private equity firm FFL Partners, asset manager CDPQ and private equity firm Ardian acquired retailer New Look Vision

Acquisition Highlights
  • This is FFL Partners’ 2nd, CDPQ’s 1st and Ardian’s 15th transaction in the Retail sector.
  • This is FFL Partners’ 2nd, CDPQ’s 32nd and Ardian’s 4th transaction in Canada.
  • This is FFL Partners’ 1st, CDPQ’s 30th and Ardian’s 2nd transaction in Quebec.

M&A Deal Summary
Date 2021-05-26
Target New Look Vision
Sector Retail
Buyer(s) FFL Partners
CDPQ
Ardian
Deal Type Going Private

Target

New Look Vision

Saint-Laurent, Quebec, Canada
New Look Vision is a provider of eye care products and services. The Company has retail sales of optical products which can be grouped into four principal categories: (i) prescription and non-prescription eyewear, (ii) contact lenses, (iii) sunglasses, protective eyewear and reading glasses, and (iv) accessories, such as cleaning products for eyeglasses and contact lenses. New Look Vision was founded in 1986 and is based in Saint-Laurent, Quebec.

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Buyer(S) 3

Buyer

FFL Partners

San Francisco, California, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1997
PE ASSETS 5.4B USD
Size Mega
Type Sector Focused
DESCRIPTION

FFL Partners (formerly known as Friedman Fleischer & Lowe) is a private equity group focused on majority and minority investments in North American middle-market companies. Prospective businesses generally have revenues of $30 to $400 million and are valued between $50 and $300 million. Target situations include ownership restructurings in closely-held and family-owned companies, management buyouts, PIPEs, growth equity fundings, take privates, special situations, and recapitalizations. Sectors of interest include outsourced business services, education and training, marketing and media, consumer products, healthcare, and financial services. FFL Partners was formed in 1997 and is based in San Francisco.

DEAL STATS #
Overall 45 of 53
Sector (Retail) 2 of 2
Type (Going Private) 1 of 1
State (Quebec) 1 of 1
Country (Canada) 2 of 2
Year (2021) 2 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-05-24 Bacharach

Kensington, Pennsylvania, United States

Bacharach is a designer and manufacturer of gas test and measurement (“T&M”) instrumentation for commercial refrigeration and HVAC equipment, and also develops performance management software for its monitoring products. Bacharach was founded in 1909 and is based in Kensington, Pennsylvania.

Sell $337M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-08-02 Church s Chicken

Atlanta, Georgia, United States

Church's Chicken is a chicken quick-service restaurant serving more than three million customers weekly through restaurants in 22 countries and more than 30 states in the U.S. The Company serves affordable freshly prepared, high-quality, flavorful chicken and tenders with signature sides and handmade, from-scratch biscuits. Church's Chicken was founded in 1952 and is based in Atlanta, Georgia.

Sell -
Buyer

CDPQ

Investor Investor Investor Investor Investor

Category Asset Manager
Founded 1965
PE ASSETS 80.0B CAD
Size Mega
Type Sector Agnostic
DESCRIPTION

CDPQ is a global asset management firm focused on a variety of investing strategies including fixed income, real estate, infrastructure, private equity, venture capital, and public equities. Within private equity, CDPQ looks to acquire significant minority stakes in businesses operating in a variety of sectors and seeks to commit $250 million to $1 billion per transaction. CDPQ was established in 1965 and is headquartered in Montreal, Quebec.

DEAL STATS #
Overall 74 of 103
Sector (Retail) 1 of 1
Type (Going Private) 3 of 5
State (Quebec) 30 of 44
Country (Canada) 32 of 47
Year (2021) 2 of 12
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-04-23 Ermewa Group

Levallois-Perret, France

Ermewa Group is a provider of industrial railcars and tank containers leasing services. Operating in 80 countries, the Group specialises in designing, optimising and managing strategic assets for the global supply chain. With its headquarters in France and with 40 international offices, the Ermewa Group offers local expertise to customers from industries as diverse as steel, energy, construction, mining, food and beverage, and transportation. Ermewa Group is based in Levallois-Perret, France.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-07-05 RDM Group

Milan, Italy

RDM Group is a producer of coated recycled carton board, the largest in Italy, France, and the Iberian Peninsula. RDM group’s portfolio of products includes mainly recycled cardboard, used mainly for packaging and folding cartons in all the major product sectors. RDM Group is based in Milan, Italy.

Sell -
Buyer

Ardian

Paris, France

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1996
PE ASSETS 125.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Ardian is a mega-sized diversified investment group focused on opportunities worldwide. Ardian invests across and manages funds focused on small and mid-sized buyouts, growth capital financings, mezzanine, infrastructure, real estate, and co-investment opportunities. Ardian's small-buyouts group targets controlling interests in French, German, and Italian businesses valued up to €100 million. It's mid-sized buyout group seeks businesses valued up €1.5 billion and does not have any geographic limitations. The Infrastructure team looks for European opportunities and can commit up to €150 million per transaction. The Mezzanine group supports junior capital commitments of €5 to €80 million. In addition to direct investing, Ardian also manages various private equity fund-of-funds. Ardian was founded in 1996 and is based in Paris.

DEAL STATS #
Overall 391 of 418
Sector (Retail) 15 of 15
Type (Going Private) 14 of 15
State (Quebec) 2 of 2
Country (Canada) 4 of 4
Year (2021) 9 of 25
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-05-04 Solina

Bréal-Sous-Monfort, France

Solina is a European manufacturer of ingredient and seasoning blends for the food industry. The company serves more than eighteen thousand clients with 2, 250 employees across twenty-seven sites across Europe and Canada. It is exposed to resilient food consumption markets and to secular growth trends fuelled by the shift in food consumption towards more premium and natural ingredients. Solina puts sustainability at the center of its activities by creating healthier food solutions and more sustainable diets as well as by contributing to the development of meat alternatives. Solina was formed in 1988 and is based in Bréal-Sous-Monfort, France.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-06-17 NetCo

Bordeaux, France

NetCo is a provider of general maintenance and servicing of conveyor systems across a wide range of production sectors - particularly food processing, logistics, minerals and agro-food. NetCo was founded in 1902 and is based in Bordeaux, France.

Buy -
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