Aramark completed the Spin-Off of Vestis Corporation.
September 29, 2023
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Aramark (NYSE:ARMK) plans to spin off Aramark Uniform & Career Apparel, LLC on May 10, 2022. Post completion, Aramark Uniform & Career Apparel, LLC will be listed on stock exchange. As per the transaction, Holders of Aramark common stock will be entitled to receive one share of Vestis common stock for every two shares of Aramark common stock on record date September 20, 2023. After the completion of the proposed spin-off, John Zillmer will continue to serve as Chief Executive Officer of Aramark. Tom Ondrof will remain as Chief Financial Officer of Aramark. Kim Scott will lead the independent public company as Chief Executive Officer. Newly appointed Rick Dillon will serve as Chief Financial Officer. For fiscal year ended September 30, 2022, Uniform had total revenue and operating income as $2.6 billion and $210 million approximately. The proposed spin-off is subject to certain customary conditions, including final approval of the Aramark Board of Directors, receipt of a favorable opinion and Internal Revenue Service ruling with respect to the tax-free nature of the transaction, the effectiveness of a registration statement on Form 10 to be filed with the SEC and the receipt of other regulatory approvals. As of August 28, 2023, Form 10 registration statement was filed with the U.S. Securities and Exchange Commission. The transaction, which is intended to be tax-free to Aramark and its stockholders, remains on track to occur in the second half of fiscal 2023. Aramark intends to appoint the following Directors to its Uniform Services Board, Phillip Holloman, Chairman of the Board, Doug Pertz, Vice Chairman of the Board, Kim Scott, President and CEO, Richard Burke, Tracy Jokinen, Lynn McKee, Mary Anne Whitney, Ena Williams. As of September 5, 2023, Vestis? will be the name of the new company to be created through the expected spin-off. The transaction is approved by board of directors of Aramark. The transaction is expected to complete by end of the fiscal year. The transaction is expected to close on September 30, 2023.
Goldman, Sachs & Co. LLC and J.P. Morgan Securities LLC are acting as financial advisors to Aramark while Wachtell, Lipton, Rosen and Katz is serving as legal counsel.
Aramark completed the Spin-Off of Vestis Corporation (NYSE:VSTS) on September 30, 2023. The parties have signed Separation and Distribution Agreement on September 29, 2023.
Vestis Corporation is a provider of uniform rentals and workplace supplies across the United States and Canada. The Company provides uniforms, mats, towels, linens, restroom supplies, first-aid supplies, safety products and other workplace supplies. The Company also provides a full range of uniform programs, managed restroom supply services and first-aid and safety products, as well as ancillary items such as floor mats, towels and linens. Additionally, it provides garments and contamination control supplies that help customers maintain controlled, cleanroom environments commonly used in the manufacturing of electronics, pharmaceuticals and medical equipment. Its customer base participates in a variety of industries, including manufacturing, hospitality, retail, food processing, pharmaceuticals, healthcare and automotive. It serves customers ranging from small, family-owned operations with a single location to corporations and national franchises with multiple locations.
VESTIS CORPORATION 
