UniFirst Corporation to Cintas Corporation

Services/Mar 2026/Goldman Sachs, JPMorgan

Deal Information

Target

UniFirst Corporation

Acquiror

Cintas Corporation

Sector

Services

Target Type

Public

Acquiror Type

Strategic

Advisors

Goldman Sachs, JPMorgan

Enterprise Value

$5.5B

EV / LTM Sales

2.2x

EV / LTM EBITDA

17.0x

EV / Fwd EBITDA

Comparable transactions cited by the advisor, excluding the subject transaction.

EV/LTM Adjusted EBITDA selected range: 11.7x - 14.2x

3 comps

FV/LTM EBITDA selected range: 11.7x - 14.2x

3 comps


-	Aug 2016	G&K Services, Inc.	Cintas Corporation	-	-	-	-
	Dec 2016	Lavebras Gestão de Têxteis S.A.	Elis SA	-	-	-	-
-	Oct 2017	AmeriPride Services Inc.	Aramark	-	-	-	-
		Mean			-	-	-
		Median			-	-	-

Discount rate and terminal value assumptions the advisor selected for its discounted cash flow analysis.

WACC: 7.5% – 8.5%
Terminal method: Perpetuity growth
Terminal assumption: 2.0% – 3.0%
Forecast basis: UniFirst forecasts prepared by UniFirst's management, discussed with and approved by the… more
UniFirst forecasts prepared by UniFirst's management, discussed with and approved by the UniFirst Board for use by J.P. Morgan
Forecast period: fiscal year-end 2026 through 2030

Advisor	WACC	Terminal method	Terminal assumption	Forecast basis	Forecast period	Filing
Goldman Sachs	8.25% – 9.25%	Perpetuity growth	2.5% – 3.5%	UniFirst forecasts	fiscal years August 31, 2026 to August 31, 2030	Open
JPMorgan	7.5% – 8.5%	Perpetuity growth	2.0% – 3.0%	UniFirst forecasts prepared by UniFirst's management, discussed with and approved by the… more UniFirst forecasts prepared by UniFirst's management, discussed with and approved by the UniFirst Board for use by J.P. Morgan	fiscal year-end 2026 through 2030	Open