UniFirst Corp (UNF) Trims Arrow Uniform Revenue Contribution Expectations
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UniFirst Corp (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.
NOTE: Previously, the company said,
UniFirst expects the Arrow acquisition to add approximately $62 to $65 million to its revenues for fiscal year 2017.
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