UniFirst to be Acquired by Cintas in $5.5 Billion Cash Plus Stock Deal

Cintas Corporation (CTAS) entered a merger agreement on March 11, 2026, to acquire UniFirst Corporation (UNF) in a deal valued at $5.5 billion.

Deal Structure:

UniFirst shareholders will receive $155 in cash and 0.772 shares of Cintas stock for each UniFirst share they own. This represents a combined value of $310 per share, which is at a premium of 20.20% from the stock’s last close.

No separate or additional consideration will be provided for the Class B shares.

Company Profile:

UniFirst is a provider of workplace uniforms, protective clothing, and facility service products, offering rental, cleaning, manufacturing, and maintenance services for workwear and related textiles. It also supplies first aid and safety products and provides specialized garment services for industries such as cleanrooms and nuclear facilities.

Cintas is a provider of uniform rental and workplace services, offering uniforms, facility service products, and safety solutions to businesses. The company supplies and services items such as uniforms, mats, mops, restroom supplies, and first aid and fire protection products across the United States, Canada, and Latin America.

Deal Details and Timeline:

In November last year, activist investor Engine Capital had urged the UniFirst Board to pursue a sale of the company. The stock was trading at $162.29 when the activist’s push had helped in Cintas reviving its talks to acquire Unifirst.

Throughout the past year, Cintas offered Unifirst $275 per share in cash to acquire the whole company.

The cash payment will be funded using Cintas’ existing cash, committed credit lines, and other available financing sources. Cintas has also secured fully committed bridge financing from Morgan Stanley Senior Funding, KeyBank National Association, and Wells Fargo.

Entities affiliated with the Croatti family, which control approximately two-thirds of the voting power of UniFirst’s common stock and Class B common stock, voting together as a single class, have entered into a voting support agreement under which they have agreed to vote their shares in favor of the deal.

The merger is expected to close in the second half of 2026.

Goldman Sachs and J.P. Morgan Securities acted as financial advisors to UniFirst, while Paul Hastings served as its legal advisor. Morgan Stanley acted as financial advisor to Cintas, and Davis Polk & Wardwell served as its legal advisor.

Cintas is paying 15.23 times the EBITDA of UniFirst.

Deal Metrics:

For more information on this merger and acquisition transaction, please visit the Deal Metrics page here:

Deal Metrics for the acquisition of UniFirst Corporation (UNF) by Cintas Corporation (CTAS)

The Deal Metrics page for each merger or acquisition includes:

• A chart illustrating the spread history of the merger from the announcement date to completion or failure.
• Progressive events such as the expiration of the HSR period, regulatory approvals, shareholder votes, etc.
• News and SEC filings.
• A record of deal updates.
• And much more.

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Editor’s Note: Baranjot Kaur contributed to this article