Cintas today announced it will acquire UniFirst for $310 per share in cash and stock, representing an enterprise value of approximately $5.5 billion. The deal will bring together two of the biggest work uniform providers in the U.S.
Cintas said the combined company will deliver products and services to approximately 1.5 million business customers across North America. By integrating complementary processing capacity, route networks, service infrastructure, supply chains and technology investments, the company expects to create efficiencies and expand service capabilities.
Cintas expects to benefit from the addition of UniFirst’s workforce while also realizing approximately $375 million of operating cost synergies, including material cost, production expense, service expense and selling, general and administrative expense, within four years. The companies said that the "overwhelming majority of UniFirst employees are expected to have opportunities in the combined company."
Cintas, headquartered in Cincinnati, said it currently serves more than one million businesses by providing products and services including uniforms, mats, mops, restroom supplies, first aid and safety products, fire extinguishers and testing, and safety training.
Headquartered in Wilmington, Massachusetts, UniFirst is a major provider of uniform and workwear programs, facility service products, as well as first aid and safety supplies and services. Together with its subsidiaries, the company also manages specialized garment programs for the cleanroom and nuclear industries. In addition to partnering with third-party brands, UniFirst manufactures its own branded workwear, protective clothing, and floorcare products at its three company-owned manufacturing facilities.
