UNF - UniFirst to acquire Clean Uniform for $300M

• UniFirst ( NYSE: UNF ) has agreed to acquire Clean Uniform for Missouri-based Clean Uniform for $300M.
• The acquisition is expected to close in the company's third fiscal quarter ending May 27, 2023.
• Founded in 1938, Clean Uniform is one of the largest independent uniform, workwear and facility service program providers in the U.S. with 11 locations covering Missouri, Illinois, Arkansas, Kansas and Oklahoma. The buisness generates annual revenue of approximately $90M.
• The acquisition is structured primarily as a stock purchase but from a tax perspective will be treated as an asset purchase, which will allow for a step-up in the tax basis of the assets and provide incremental tax benefits valued at ~$40M.

For further details see: