Unifirst Corporation · NYSE:UNF
Unifirst — Merger or Acquisition (January 2025)
12 slides from Unifirst's merger presentation, Jan 7, 2025
Slide 1: Cintas + UniFirst Built to Get Businesses of All Sizes Ready for the Workday
Cintas + UniFirst Built to Get Businesses of All Sizes Ready for the Workday January 7, 2025
Slide 2: Forward Looking Statements
Forward Looking Statements This document contains statements that constitute "forward - looking statements" within the meaning of the federal securities laws . All statements other than statements regarding historical facts, including, without limitation, statements regarding our current expectation
Slide 3: Creating Value for Customers, Employees & Shareholders
Creating Value for Customers, Employees & Shareholders 3 Combination would enable Cintas and UniFirst to better support customers. Amplifies and accelerates benefits of ongoing investments in technology Combines businesses with complementary strengths Better positioned to participate in large and gr
Slide 4: Significant, Immediate and Certain Value for UniFirst Shareholders
Significant, Immediate and Certain Value for UniFirst Shareholders $210 $190 $170 $ 2 30 $ 2 50 $ 2 70 $ 2 90 $150 1 / 3 /2 0 2 2 5/3/2022 9/3/2022 1/3/2023 5 / 3 /2 0 2 3 1 / 3 /2 0 2 5 9/3/2023 1/3/2024 5/3/2024 9/3/2024 90 Day Average Closing Price ($189.20) CTAS Offer ($275 per share) La s t - C
Slide 5: Proposed Transaction Details
Proposed Transaction Details 5 ▪ Cintas to acquire all outstanding common and class B shares of UniFirst for $275 per share in cash ▪ Cintas has indicated a willingness to engage in discussions to explore potential additional sources of value as well as alternative consideration mixes (cash and stoc
Slide 6: Combined Company Better Positioned Within Large, Growing, Competitive Market
Combined Company Better Positioned Within Large, Growing, Competitive Market Cintas + UniFirst ▪ Innovative, more complete solution and comprehensive value proposition for businesses of all sizes. ▪ Well - positioned to capitalize on strong buying motivations of image, safety, cleanliness and compli
Slide 7: Amplified Benefits of Investment in Technology
Amplified Benefits of Investment in Technology Accelerates UniFirst’s ERP implementation Amplifies Cintas’ ongoing investments in solutions for customers and tools for employee - partners Applies Cintas’ proven technology - supported operational excellence to broader footprint Simplifies combined co
Slide 8: Strong Financial Foundation with Significant Synergy Opportunity
Strong Financial Foundation with Significant Synergy Opportunity Strong balance sheet provides flexibility to invest in strategic priorities and pursue new growth opportunities 1. Expect to realize synergies within 4 years of completion. 2. Assumes all - cash transaction. At least $375M Expected Ope
Slide 9: Clear Path to Completion
Delivers strong benefits to all stakeholders, including Cintas and UniFirst’s shareholders, customers and employee - partners Clear Path to Completion To be funded by cash on hand, committed lines of credit and/or other available sources Cintas has engaged leading regulatory counsel and a leading ec
Slide 10: Cintas' Public Proposal Follows Consistent Lack of Engagement
Cintas’ Public Proposal Follows Consistent Lack of Engagement Second time in nearly three years that UniFirst has refused to engage on an extremely compelling offer 10 FEBRUARY 7, 2022 Cintas presents indication of interest to acquire UniFirst for $255/share (the "Prior Proposal"); UniFirst offers n
Slide 11: Cintas is Prepared to Engage and Move Toward a Transaction Immediately
Cintas is Prepared to Engage and Move Toward a Transaction Immediately ▪ We expect to have limited and specific confirmatory due diligence requirements. Diligence ▪ We would work towards signing and announcing a definitive agreement in January 2025. Timing ▪ Cintas has engaged leading regulatory cou
Slide 12: Cintas. Ready for the Workday
CiNTAS. READY FOR THE WORKDAY"