Cintas to Acquire UniFirst in $5.5 Billion Uniform Industry Consolidation

Key Details Cintas Corp. has finalized its agreement to acquire UniFirst Corp. for $5.5 billion in a cash-and-stock transaction, ending years of pursuit. UniFirst shareholders will receive $155 in cash plus 0.7720 Cintas shares per share owned, valuing each UniFirst share at $310 based on Cintas' March 9 closing price. The deal is expected to close in the second half of 2024, pending shareholder approval. Why It Matters This acquisition consolidates the uniform rental industry significantly. Cintas currently ranks No. 3 among uniform rental companies while UniFirst holds the No. 2 position. The combined entity will expand service capabilities across North America, where Cintas already operates an extensive fleet of distinctive white service vans. Background Cintas has pursued UniFirst for several years, with acquisition interest dating back to at least 2022. UniFirst, based in Wilmington, Massachusetts, has been family-controlled by the Croatti family. Cincinnati-based Cintas is well-known throughout the trucking and logistics sectors for its uniform rental and facility services.