Cintas agreed to acquire UniFirst for $310 a share in cash and stock, the two companies said on 11 March, in a deal with an enterprise value of about $5.5bn.
Why Cintas Corporation is buying UniFirst Corporation
Cintas said combining processing plants, delivery routes, supply chains and technology will cut costs by about $375m a year and help it compete with other providers of workwear and facility services. The combined company would serve about 1.5 million business customers across North America.
Deal terms and financing
UniFirst shareholders receive $155 in cash and 0.7720 Cintas shares for each share, with no extra payment for Class B shares. The cash will come from Cintas's cash, credit lines or other financing, backed by committed bridge loans from Morgan Stanley, KeyBank and Wells Fargo. The Croatti family, which controls about two-thirds of UniFirst's votes, signed a voting agreement and will keep a stake in the combined company.
Regulatory approvals and timing
UniFirst shareholders approved the merger on 11 June 2026. The same day both companies received an FTC second request; they certified substantial compliance on 2 October and agreed not to close before 11 December 2026 unless the FTC closes its investigation earlier. Canada's Competition Bureau also issued a supplementary information request, which the companies said they had answered by 29 September.
Market context
The deal unites the two largest listed US uniform-rental groups, both founded by families. Cintas said in October that it still expected the merger to close before the end of 2026.
