Cintas Corporation has announced a definitive agreement to acquire UniFirst Corporation in a significant transaction valued at approximately $5.5 billion. This strategic move combines two family-founded companies with a shared commitment to customer service and operational excellence, aiming to enhance service capabilities and drive innovation across North America.
The acquisition is poised to create a more robust and efficient service offering for businesses of all sizes. By integrating complementary capacities, route networks, and supply chains, Cintas anticipates significant operational efficiencies and expanded service capabilities. This includes strengthening their ability to meet customer needs related to image, safety, cleanliness, and compliance.
The combined company will be better positioned to compete in the growing uniform and facility services market, offering a comprehensive value proposition. The transaction is also expected to create meaningful opportunities for UniFirst employees within the larger Cintas organization, aligning with Cintas’ commitment to career growth and development.
Under the terms of the agreement, UniFirst shareholders will receive $155.00 in cash and 0.7720 shares of Cintas stock for each UniFirst share. This valuation is based on Cintas’ closing share price of $200.77 on March 9, 2026. The deal carries an enterprise value of approximately $5.5 billion, representing an 8.0x multiple of UniFirst’s trailing twelve months EBITDA, including anticipated synergies.
Cintas expects the transaction to be accretive to its earnings per share by the end of the second full year after closing. The company has secured committed financing for the cash portion of the deal. Cintas projects realizing approximately $375 million in operating cost synergies within four years, stemming from efficiencies in materials, production, service, and administrative expenses.
The transaction has received unanimous approval from the Boards of Directors of both Cintas and UniFirst. Entities affiliated with the Croatti family, which hold a significant voting interest in UniFirst, have entered into a voting support agreement to approve the deal. The acquisition is anticipated to close in the second half of calendar year 2026, pending customary closing conditions, UniFirst shareholder approval, and regulatory clearances.
Cintas provided preliminary results for its fiscal 2026 third quarter, reporting $2.84 billion in revenue, an increase of 8.9% year-over-year, with organic revenue growth of 8.2%. UniFirst will report its fiscal 2026 second-quarter results on April 1, 2026, and will not provide further guidance updates due to the pending transaction.
Morgan Stanley & Co. LLC served as financial advisor to Cintas, with Davis Polk & Wardwell LLP as legal advisor. Goldman Sachs & Co. LLC and J.P. Morgan Securities LLC acted as financial advisors to UniFirst, with Paul Hastings LLP as legal advisor.