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Acquisition · Cintas · UniFirst · Uniform Services
UniFirst Corporation's shares experienced a significant climb after the company officially agreed to be acquired by Cintas Corporation in a definitive deal valued at approximately $5.5 billion, providing UniFirst shareholders with a substantial premium.
The definitive agreement, unanimously approved by the boards of both companies, outlines that UniFirst shareholders will receive $155.00 in cash and 0.7720 shares of Cintas stock for each UniFirst share they own. This structure implies a total value of $310.00 per share, calculated based on Cintas' closing price on March 9.
The transaction's enterprise value of about $5.5 billion translates to roughly 8.0x UniFirst's trailing 12-month EBITDA, a valuation that includes approximately $375 million in expected operating cost synergies. Following the announcement, UniFirst's stock (UNF) surged, trading up $17.61, or 6.82%, to $275.75 on the NYSE, after opening at $258.81.
The stock's 52-week trading range was between $147.66 and $278.09. The acquisition is projected to close in the second half of 2026, contingent upon standard regulatory approvals and the approval of UniFirst shareholders.
Entities affiliated with the Croatti family, which collectively control about two-thirds of UniFirst's voting power, have already committed to supporting the transaction.
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