Vestis Corp (VSTS): $6.16
Market Cap: $811.78M
Enterprise Value: $2.19B
Almost exactly a year ago, we covered a small, uniform rental company called Vestis (VSTS) in our May 2024 newsletter. Vestis was spun out of the food services and facilities management company Aramark (ARMK) in October 2023. The image below is taken from Aramark’s May 2022 presentation outlining the spinoff, where Vestis is referred to as Aramark Uniform Services.
In that May 2024 newsletter, we noted that Vestis occupied a very small and “boring” niche, but it was that simplicity that could create opportunity: