March 12, 2026
Cintas Acquires UniFirst in $5.5B Deal
The Counselor Top 40 distributor’s third attempt at acquiring UniFirst, a workwear and uniform company, was a success, marking its largest acquisition to date.
Key Takeaways
• Cintas will acquire UniFirst for about $5.5 billion, succeeding on its third attempt after previous bids in 2022 and early 2025 fell through; the deal includes a reverse termination fee to protect UniFirst if regulators block the merger.
• The combined companies expect stronger market offerings through their combined focus on the uniforms, workwear, and health and safety space, and about $375 million in operational cost savings within four years.
It seems the third time is indeed the charm.
Counselor Top 40 distributor Cintas (asi162167) has acquired UniFirst in an approximately $5.5 billion deal, marking Cintas’ third attempt at purchasing the workwear and uniform seller.
Cintas placed unsuccessful bids for the firm in 2022 and again in January 2025, a $5.3 billion deal that the firm ultimately withdrew in March. In December, Cintas resubmitted its offer, but tacked on a $350 million reverse termination fee payable from Cintas to UniFirst to protect the firm if the merger is blocked by antitrust laws.
“This agreement marks a critical step in realizing substantial value for shareholders and customers,” said Todd Schneider, president and CEO of Cintas. “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.”
Cintas, a publicly traded company headquartered in Mason, OH, is most known for its uniform retail and facility services. Wilmington, MA-headquartered UniFirst has a similar focus, specializing in uniform and workwear programs, as well as health and safety supplies.
With the product overlap, Cintas expects the acquisition to create a more efficient and complete solution for clients. The firm also said the deal should result in approximately $375 million in operational cost savings for the two firms, including materials, production and other expenses, within four years. The majority of UniFirst employees are expected to stay onboard with the combined company.
When the deal completes, UniFirst shareholders will receive $155 in cash and 0.772 shares of Cintas stock for each of their UniFirst shares, for a total of $310 per share.
Cintas’ 2025 attempt at the acquisition was not well-received by UniFirst, particularly after the company publicized the offer, with UniFirst calling the bid “unsolicited, non-binding and highly conditional.” However, the new deal ultimately received unanimous approval from the UniFirst board of directors, Chairman Joseph M. Nowicki said.
“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,” said Steven Sintros, president and CEO of UniFirst. “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.”
Cintas reported revenue growth of 8.2% for its third fiscal quarter, which ended Feb. 28, increasing sales to $2.84 billion. That includes all business arms, including its promotional products sectors. UniFirst is set to release its fiscal second quarter results on April 1.
Based on 2024 estimated North American promotional product revenue of $236.5 million, Cintas ranks 14th on Counselor’s most recent list of top distributors in the industry.