PHILADELPHIA--(BUSINESS WIRE)--Aramark (NYSE: ARMK), a global leader in food, facilities management, and uniforms, today announced that Vestis™ will be the name of the new company to be created through the expected spin-off of its uniform services business. This follows Aramark’s previously announced plan to separate Aramark Uniform Services (AUS) to create an independent, publicly traded company.
“Vestis” is the Latin word for garments and clothing and is the foundation of the words “to dress” in a number of languages. The name captures the uniform rental services business offering. It also has a deeper meaning when it is used in the Latin phrase “vestis virum facit” or “clothes make the person.” Vestis will use a descriptor, Uniforms and Workplace Supplies, to describe the full breadth of its offering.
“Our new name, Vestis, connects us to our purpose as an organization – deliver uniforms and supplies that empower people to do good work and good things for others while at work,” said Kim Scott, President and CEO of Aramark Uniform Services and appointed CEO of Vestis. “We are grateful to our customers for the opportunity to continue to deliver services and products that help their teammates work confidently, comfortably, and safely each day. We are also excited about our future as an independent, publicly traded company and we remain confident that great things are ahead for our teammates, customers, and shareholders.”
Vestis will continue to offer uniforms, as well as full-service rental programs and workplace supplies. Its comprehensive service offering includes floor mats, towels, linens, managed restroom services, cleanroom, and first aid supplies. Upon the completion of the separation from Aramark, Vestis will have about 20,000 teammates and serve approximately 300,000 customer locations.
John Zillmer, Aramark’s Chief Executive Officer, said, “This announcement is a milestone moment for Aramark and our uniforms business. We are on the path to creating two independent industry leaders able to focus solely on their core strengths and expertise. I have confidence in the deeply experienced leadership team at Vestis and their strategic vision, and I look forward to seeing the team continue to achieve great things in the future.”
With its announcement today, Vestis also releases its new company logo, a bold and complementary combination of orange and navy blue that exudes warmth and a new energy, balanced by its strong confidence and deep experience in the industrial laundry industry. The mark resembles a shirt collar, which also represents the “V” in Vestis. The company will transition to this logo and other brand identity elements following the transaction completion.
Analyst Day
Vestis looks forward to sharing further details on its strategic framework for the next phase of value creation at the company’s upcoming Analyst Day on Wednesday, September 13th, 2023, that will be streaming live via webcast at 9:00 am ET on the Aramark Investor Relations website.
About Vestis
Vestis is being established as an independent, publicly traded company, and currently operates under Aramark as Aramark Uniform Services. Vestis is a leader in the B2B uniform and workplace supplies category. Vestis provides clean and safe uniform services and workplace supplies to a broad range of North American customers from Fortune 500 companies to locally owned small businesses across a broad set of end markets. The company’s comprehensive service offering includes a full-service uniform rental program, cleanroom and other specialty garment processing, floor mats, towels, linens, managed restroom services, first aid supplies and more.
About Aramark
Aramark (NYSE: ARMK) proudly serves the world’s leading educational institutions, Fortune 500 companies, world champion sports teams, prominent healthcare providers, iconic destinations and cultural attractions, and numerous municipalities in 19 countries around the world with food, facilities, and uniform services. Because our culture is rooted in service, our employees strive to do great things for each other, our partners, our communities, and the planet. Aramark has been recognized on FORTUNE’s list of “World’s Most Admired Companies,” DiversityInc’s “Top 50 Companies for Diversity” and “Top Companies for Supplier Diversity,” Newsweek’s list of “America’s Most Responsible Companies 2023,” the HRC’s “Best Places to Work for LGBTQ Equality,” and scored 100% on the Disability Equality Index. Learn more at www.aramark.com and connect with us on Facebook, Twitter, and LinkedIn.
Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact included in this press release are forward-looking statements. In particular, statements as to the anticipated timing of the Uniform Services spin-off are forward-looking statements. These forward-looking statements are sometimes identified from the use of forward-looking words such as “believe,” “should,” “could,” “potential,” “continue,” “expect,” “project,” “estimate,” “predict,” “anticipate,” “aim,” “intend,” “plan,” “forecast,” “target,” “is likely,” “will,” “can,” “may” or “would” or the negative of these terms or similar expressions elsewhere in this press release. All forward-looking statements are subject to a number of important factors, risks, uncertainties and assumptions that could cause actual results to differ materially from those described in any forward-looking statements. These factors and risks include, but are not limited to, risks associated with the impact, timing or terms of the proposed spin-off of Aramark Uniform Services; risks associated with the expected benefits and costs of the proposed spin-off, including the risk that the expected benefits of the proposed spin-off will not be realized within the expected time frame, in full or at all, and the risk that conditions to the proposed spin-off will not be satisfied and/or that the proposed spin-off will not be completed within the expected time frame, on the expected terms or at all; the expected qualification of the proposed spin-off as a tax-free transaction for United States federal income tax purposes, including whether or not an Internal Revenue Service ruling will be obtained; the risk that any consents or approvals required in connection with the proposed spin-off will not be received or obtained within the expected time frame, on the expected terms or at all; risks associated with expected financing transactions undertaken in connection with the proposed spin-off and risks associated with indebtedness incurred in connection with the proposed spin-off; the risk of increased costs from lost synergies, costs of restructuring transactions and other costs incurred in connection with the proposed spin-off; retention of existing management team members as a result of the proposed spin-off; reaction of customers, our employees and other parties to the proposed spin-off; and the impact of the proposed spin-off on our business and the risk that the proposed spin-off may be more difficult, time-consuming or costly than expected, including the impact on our resources, systems, procedures and controls, diversion of management’s attention and the impact on relationships with customers, suppliers, employees and other business counterparties and the other financial, operational and legal risks and uncertainties detailed from time to time in Aramark’s cautionary statements contained in its filings with the SEC. All forward-looking statements speak only as of the date of this press release. Aramark undertakes no obligations to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise other than as required under the federal securities laws.
