Moulin Acquires 56% of Eye Care Centers of America

Moulin International Holdings Limited today announced that it has signed an agreement to acquire a controlling interest of approximately 56% in Eye Care Centers of America ('Ecca'), the second largest optical retail chain in the United States.

The transaction was signed in partnership with Golden Gate Capital ('Ggc'), a San Francisco based private equity firm, which will own approximately 43% of the company. The remaining shares will be held by Ecca management.

Ecca operates 378 stores in 33 states and its brand names include EyeMasters, Binyon's, Visionworks, Hour Eyes, Dr. Bizer's VisionWorld, Dr. Bizer's ValueVision, Doctor's ValuVision, Stein Optical, Vision World, Doctor's VisionWorks, and Eye DRx.

Under the terms of the agreement, Moulin and Golden Gate Capital will purchase Ecca from Thomas H. Lee Partners for a total consideration of US $450 million. The transaction, which is subject to regulatory as well as Moulin shareholder approval, is expected to close in the first quarter of 2005.