Cintas (CTAS) M&A announcement summary

Deal rationale and strategic fit

• Expands and combines complementary service capabilities to enhance workday solutions for approximately 1.5 million business customers across North America.

• Both companies share strong customer-first cultures, operational excellence, and compatible business models.

• Positions the combined entity to better compete in a fragmented, competitive market with significant growth opportunities.

• Accelerates innovation and technological advancements by integrating infrastructure, technology, and route networks.

• Provides a holistic, customer-driven value proposition with diversified offerings and meaningful opportunities for employees.

Financial terms and conditions

• UniFirst shareholders receive $310 per share: $155 in cash and 0.7720 shares of Cintas stock per UniFirst share, based on Cintas' closing price on March 9, 2026.

• The transaction values UniFirst at $5.5 billion enterprise value, representing 8.0x run-rate trailing twelve months EBITDA including synergies.

• Acquisition financed with cash on hand, committed credit lines, and fully committed bridge financing; pro forma leverage expected at 1.5x debt to EBITDA at closing.

• $350 million reverse termination fee payable if merger is blocked on antitrust grounds.

Synergies and expected cost savings

• Estimated $375 million in operating cost synergies within four years, from procurement, SG&A integration, logistics, automation, and technology enhancements.

• Synergies expected to be accretive to earnings per share by the end of the second full year post-closing.

• Revenue synergies are not modeled but are anticipated over time through cross-selling and expanded offerings.