CINCINNATI, and WILMINGTON, Mass. — Cintas Corp. and UniFirst Corp. report that they have entered into a definitive agreement under which Cintas will acquire UniFirst for $310 per share in cash and stock, representing an enterprise value of approximately $5.5 billion.
The transaction brings together two family-founded companies with longstanding commitments to customer service and operational excellence. The combined company will deliver innovative products and outstanding services to approximately 1.5 million business customers across North America.
“This agreement marks a critical step in realizing substantial value for shareholders and customers,” says Todd Schneider, president and CEO of Cintas. “For decades, Cintas and UniFirst have built their reputations on a shared commitment to service excellence and putting customers first. By combining, we will be better positioned to drive growth and deliver on efficiencies that will benefit our collective customers and employee-partners.
“We look forward to welcoming UniFirst team partners to Cintas as we deliver on our shared vision.”
By integrating complementary processing capacity, route networks, service infrastructure, supply chains, and technology investments, Cintas expects to create efficiencies and expand service capabilities. These enhancements will benefit customers — and the American and Canadian workers they support — through reliable, cost-effective garment, facility services, and first aid and safety programs backed by continued innovation.
“The UniFirst Board of Directors is pleased to have reached an agreement with Cintas that maximizes value for our shareholders and provides the opportunity to participate in the compelling future upside of the combined company,” says Joseph M. Nowicki, chairman of the UniFirst Board of Directors.
“This transaction follows a thoughtful and thorough evaluation by our Board, leadership team, and members of the Croatti family, and we are unanimous in our conviction that this transaction is in the best interests of UniFirst and all our stakeholders.”
The transaction has been unanimously approved by the Cintas and UniFirst Boards of Directors. Entities affiliated with the Croatti family, which control approximately two-thirds of the voting power of UniFirst’s common stock and Class B common stock, voting together as a class, have entered into a voting support agreement under which they have agreed to vote their shares in favor of the transaction.
The deal is expected to close in the second half of calendar 2026, subject to customary closing conditions, approval by UniFirst shareholders, and the receipt of certain regulatory approvals.
“This announcement reflects the extraordinary dedication of our team partners to ‘Always Deliver’ for the customers and communities we serve,” shares Steven Sintros, UniFirst president and CEO. “As we spent time with Todd and the Cintas leadership team, it became clear that there is a deep alignment in purpose and core priorities between our two companies, including a steadfast commitment to investing in our people and driving operational excellence.
“Bringing together these successful, family-founded businesses will create meaningful benefits for our people and communities while advancing innovation for the benefit of our customers and the broader industry.”
“Since our founding in 1936, UniFirst has been distinguished by our strong family culture and core values — Customer Focus, Respect for Others and Commitment to Quality — and an unwavering dedication to serve the people who do the hard work,” share Cynthia, Carol, and Matthew Croatti in a statement. “As stewards of that legacy, we reflected deeply on how best to build on UniFirst’s rich history as an industry pioneer and unlock additional opportunities for growth, innovation, and long-term value creation for our stakeholders.
“We see in Cintas a family-founded partner that both respects the strong business we have built and fundamentally shares our values. Underscoring our confidence that this is the right path forward for UniFirst, we will retain an ownership position in the combined company.”
Cintas first submitted a proposal in November 2024, which was rejected by the UniFirst Board. The most recent proposal was delivered to UniFirst in December.
Under the terms of the agreement, UniFirst shareholders will receive $155 in cash and 0.7720 shares of Cintas stock for each UniFirst share they own. This represents a combined value of $310 per share based on Cintas’ closing share price of $200.77 on March 9. There will be no separate or additional consideration for Class B shares.
The implied total enterprise value of the transaction is approximately $5.5 billion, which represents a multiple of 8.0x run-rate trailing 12 months EBITDA, including approximately $375 million of operating cost synergies.
Cintas’ cash on hand, committed lines of credit, and/or other available sources of financing will fund the cash consideration and is not subject to any contingencies. Cintas has secured fully committed bridge financing from Morgan Stanley Senior Funding Inc., KeyBank National Association and Wells Fargo Bank N.A.
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