Cintas announced it has entered into a definitive agreement to acquire UniFirst in a transaction valued at approximately $5.5 billion, combining two major providers of uniform rental, facility services, and safety solutions across North America.
Under the agreement, UniFirst shareholders will receive $155.00 in cash and 0.7720 shares of Cintas stock for each share they own, representing a total value of $310.00 per share based on Cintas’ closing price on March 9, 2026. The deal reflects an enterprise value multiple of about 8.0x run-rate trailing twelve months EBITDA, including anticipated operating cost synergies.
The acquisition will bring together two family-founded companies with long-standing customer service traditions. The combined company will serve roughly 1.5 million business customers across North America, offering uniforms, facility services, first aid and safety products, and other workplace solutions.
Cintas expects the merger to expand service capabilities and operational scale by integrating route networks, processing facilities, supply chains, and technology platforms. The company estimates the transaction will generate approximately $375 million in operating cost synergies over four years through efficiencies in materials sourcing, production, service operations, and administrative functions.
The companies also highlighted workforce and customer benefits. Most UniFirst employees are expected to have opportunities within the combined organization, and the combined company intends to expand investments in technology, operational infrastructure, and employee development.
Financially, Cintas expects the transaction to be accretive to its earnings per share by the end of the second full year following closing. The company anticipates a net leverage ratio of about 1.5x debt to EBITDA when the deal closes.
The transaction has been unanimously approved by both companies’ boards of directors. Entities affiliated with the Croatti family, which control roughly two-thirds of UniFirst’s voting power, have agreed to vote in favor of the deal. The acquisition is expected to close in the second half of 2026, subject to shareholder and regulatory approvals.
Cintas will fund the cash portion of the deal using cash on hand, committed credit facilities, and other financing sources, including fully committed bridge financing from Morgan Stanley Senior Funding, KeyBank National Association, and Wells Fargo Bank.
The combined company aims to strengthen its position in the competitive uniform rental and facility services market by delivering expanded offerings tied to workplace image, safety, cleanliness, and compliance needs.
KEY QUOTES:
“This agreement marks a critical step in realizing substantial value for shareholders and customers. 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.”
Todd Schneider, President And Chief Executive Officer Of Cintas
“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. 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.”
Joseph M. Nowicki, Chairman Of The UniFirst Board Of Directors
“This announcement reflects the extraordinary dedication of our Team Partners to ‘Always Deliver’ for the customers and communities we serve. 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.”
Steven Sintros, President And Chief Executive Officer Of UniFirst
“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. 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.”
Cynthia Croatti, Carol Croatti, And Matthew Croatti, Members Of The Croatti Family
