News December 23, 2025
Cintas Proposes Bid To Acquire UniFirst, Marking Third Attempt at a Deal
The Counselor Top 40 distributor submitted the same offer nearly a year ago, but now envisions a clear path for obtaining regulatory approvals.
Key Takeaways
• Counselor Top 40 distributor Cintas (asi/162167) has submitted a renewed all-cash offer of $275 per share to acquire UniFirst, marking its third attempt.
• Cintas emphasized the benefits of combining operations for customers, employees and shareholders, and publicized the offer on Dec. 22.
• Cintas ranks 14th among top distributors with $236.5 million in 2024 promo revenue; UniFirst reported $2.43 billion in FY 2025 revenue.
They say the third time’s a charm.
Counselor Top 40 distributor Cintas (asi/162167) announced it has submitted a bid to acquire UniFirst for $275 per share in cash. The proposal marks the company’s third attempt at closing a deal, and Cintas’ offer price is the same as the one that was rebuffed roughly one year ago.
“We remain unwavering in our conviction that combining Cintas and UniFirst would deliver considerable benefits for customers, employee-partners and shareholders,” said Todd Schneider, president and CEO of Cintas. “Accordingly, we have reiterated our compelling $275 per share all-cash offer to the UniFirst board and are reaffirming our commitment to move swiftly to complete a transaction.”
He added that, based on recent market commentary, many UniFirst shareholders understand the value of a combined company and “share our belief that we are stronger together than we are apart.”
Cintas is a publicly traded company headquartered in Mason, OH. It’s well known for its uniform rental and facility services, and also operates in promo. UniFirst, a smaller rival, manufactures, sells and rents uniforms and protective clothing.
Schneider initially presented the bid to the UniFirst board on behalf of Cintas on Dec. 11 in the form of a written letter, and requested a response by Dec. 16. According to a statement from Cintas, UniFirst acknowledged receipt of the proposal, but has not engaged since.
Cintas publicized the offer on Dec. 22 to put pressure on the company it hopes to acquire. It’s a tactic Cintas has used before.
Cintas first approached UniFirst in 2022 and then again in January 2025, when Cintas placed a bid that valued the company at $5.3 billion and offered $275 for outstanding common and class B shares.
“We firmly believe in the compelling strategic fit between our two companies, and our offer would deliver immediate and compelling value to UniFirst shareholders,” Schneider said at the beginning of the year. “The combination would also amplify the benefits of Cintas and UniFirst’s ongoing technology investments to drive growth and benefit our collective customers and employee-partners.”
The UniFirst board of directors called the January deal “unsolicited, non-binding and highly conditional,” claiming Cintas went public with the offer to pressure its smaller competitor.
Cintas withdrew that second bid in March.
This time, Cintas hopes, will be different. The company noted that it envisions a clear path ahead for obtaining necessary regulatory approvals, and has done its due diligence by engaging antitrust lawyers and economists. In the event that the merger is blocked on the grounds of antitrust laws, Cintas has tacked on a $350 million reverse termination fee payable by Cintas to UniFirst.
UniFirst said its board is carefully reviewing and evaluating the offer.
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.
UniFirst posted total revenue of $2.43 billion for fiscal year 2025, which ended on Aug. 30. The figures represent 0.2% growth when compared to FY 2024.