UniFirst Announces Acquisition of Arrow Uniform
21 September 2016 - 10:01PM
UniFirst Corporation (NYSE:UNF) recently announced that it has
completed an acquisition of Arrow Uniform (Arrow) for approximately
$122 million. The deal is structured as an asset acquisition, with
UniFirst acquiring essentially all of Arrow’s assets and virtually
none of its liabilities.
UniFirst is a leading provider of workplace uniforms and
facility services to businesses, large and small, within a wide
range of industries throughout the U.S. and Canada. Arrow is also a
uniform and facility service provider, headquartered in Taylor,
Mich., with 12 locations in five Midwestern states, nearly 700
employees, and thousands of business customers.
The acquisition will allow UniFirst to continue the company
mission to be recognized as the leading provider of managed uniform
and facility service programs, striving for total customer
satisfaction. Ronald D. Croatti, UniFirst President and Chief
Executive Officer, said, “Arrow is a highly respected organization
with a solid reputation in the marketplace and a culture based on
delivering service excellence to their business customers. The
company has been a strong player in our industry since 1937 and
we’re very pleased to have them join the UniFirst family.”
Croatti said business acquisitions have historically been an
integral part of UniFirst’s growth strategy, adding, “Through this
acquisition, UniFirst further strengthens its market presence in
the greater Michigan and surrounding areas—a strong business
environment for the kinds of uniform and facility service programs
we provide. This improved service coverage will help us better
serve existing and prospective local, regional, and national
customers in this area of the country.”
UniFirst expects the Arrow acquisition to add more than $60
million to its revenues for fiscal year 2017.
About UniFirst
Headquartered in Wilmington, Mass., UniFirst Corporation
(NYSE:UNF) is a North American leader in the supply and servicing
of uniform and workwear programs, as well as the delivery of
facility service programs. Together with its subsidiaries, the
company also provides first aid and safety products, and manages
specialized garment programs for the cleanroom and nuclear
industries. UniFirst manufactures its own branded workwear,
protective clothing, and floorcare products, and with over 225
service locations, 275,000 customer locations, and 12,000 employee
Team Partners, the company outfits more than 1.5 million workers
each business day. For more information, contact UniFirst at
800.455.7654 or visit www.unifirst.com.
Contact:
Meghan Marcus
PR/Communications Specialist
UniFirst Corporation
68 Jonspin Rd.
Wilmington, MA 01887
978.527.3974
Meghan_Marcus@unifirst.com
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