Cintas Announces Acquisition of UniFirst, a Uniform Manufacturer, in a $5.5 Billion Agreement

Cintas to Acquire UniFirst in $5.5 Billion Deal

Cintas Corporation has reached an agreement to purchase UniFirst Corporation through a combination of cash and stock, valuing the uniform provider at $5.5 billion. This acquisition marks the culmination of Cintas’ long-standing efforts to acquire its competitor.

Under the terms announced Wednesday, UniFirst shareholders will receive $155 in cash plus 0.7720 shares of Cintas stock for each UniFirst share they hold. Based on Cintas’ closing price on Monday, this package equates to approximately $310 per UniFirst share.

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On Tuesday, UniFirst’s stock closed at $257.91, giving the company a market capitalization of roughly $4.7 billion.

The acquisition is anticipated to be finalized in the latter half of the year, pending approval from shareholders. Bloomberg News previously reported that Cintas was in advanced negotiations to acquire UniFirst.

Cintas, also a uniform manufacturer, has sought to purchase UniFirst for several years. The Croatti family, who controls UniFirst, has been approached by Cintas since at least 2022. UniFirst is headquartered in Wilmington, Massachusetts.

Based in Cincinnati, Cintas is recognized for its fleet of white step vans featuring its blue logo, with operations spanning across North America.

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