Cintas and UniFirst agree not to close acquisition before December 11
Key Facts
Cintas and UniFirst have agreed not to complete their acquisition deal before December 11, 2026, as part of the U.S. Federal Trade Commission's review, according to Cintas' filing with the Securities and Exchange Commission. The agreement allows an earlier closing if the companies receive written notification from the FTC that it has closed its investigation early. The FTC requested additional information and documents from the companies on June 11, 2026, as part of its review of the deal. The companies certified to the agency on October 2, 2026, that they had substantially complied with the request. The timing agreement thus ties the possibility of an early closing to written notification from the FTC, while the companies remain bound to wait until the specified date in the absence of such notification.
The announced acquisition has an implied enterprise value of about $5.5 billion, according to the joint deal announcement filed with the SEC. Under the agreement, UniFirst shareholders will receive $155.00 in cash for each share they own. In addition to the cash consideration, they will receive 0.7720 Cintas shares for each UniFirst share. The consideration thus combines cash and shares in the acquiring company, with the value of the stock component fluctuating with Cintas' share price. UniFirst shareholders approved the acquisition on June 11, 2026, with more than 99% of votes cast, according to the official deal FAQ page.
The companies expect operating cost savings of about $375 million over 4 years after closing, according to a deal fact sheet published by Cintas. The joint announcement identified processing capacity and service route networks among the targeted sources of efficiency. Areas of integration also include the operating infrastructure the companies rely on to provide services. The announcement added supply chains to the areas targeted for efficiencies. Technology investments are also among these areas, as part of the operating savings expected from combining the companies.
In its annual results, UniFirst reported a decline in adjusted earnings before interest, taxes, depreciation and amortization to $327.1 million in fiscal 2026, from $336.8 million in the previous year. Net cash provided by operating activities was $205.285 million, compared with $296.872 million in fiscal 2025. Annual capital expenditure was $134.519 million, including capitalized software costs. That compares with capital expenditure of $154.345 million in the previous year, also including capitalized software costs. The company incurred about $37.2 million in transaction-related costs during fiscal 2026, according to its earnings announcement.
Describing business activity during the quarter, UniFirst said new customer account wins were strong. It added in its earnings announcement that "customer retention rates continued to improve." In light of the pending transaction, the company said it "will not hold a quarterly earnings call or provide a guidance update." Cintas, for its part, expects to complete the acquisition before the end of calendar 2026, according to its regulatory filing. That expectation remains subject to the satisfaction or waiver of customary closing conditions.