Combination Expands Scope and Geography of Uniforms Business
PHILADELPHIA--(BUSINESS WIRE)--Jan. 22, 2018--
Aramark (NYSE: ARMK) announced today that it completed the previously
announced acquisition of AmeriPride Services Inc. for approximately $1.0
AmeriPride is a leading uniform and linen rental and supply company in
the U.S. and Canada, with annual revenue of approximately $600 million.
The combination of these two uniform services companies will create a
leading uniform services provider with enhanced scale and capabilities,
serving nearly 500,000 customers. The transaction will bolster Aramark's
competitive position in the U.S., and immediately establish a strong
position in Canada.
“This merger will enable us to enhance customer service, drive greater
efficiencies, expand career opportunities for our employees and we
expect it will generate sustainable value for our shareholders,” said
Eric J. Foss, Chairman, President and CEO of Aramark. “I welcome
AmeriPride’s talented and experienced team to the Aramark family, and
look forward to our future success as a combined organization.”
Aramark will host a conference call to review its first quarter 2018
earnings on Tuesday, February 6, 2018 at 10:00 a.m. ET, and will also
provide an update on the integration of its recently completed
acquisitions of Avendra, LLC and AmeriPride at that time.
Aramark (NYSE: ARMK) proudly serves Fortune 500 companies, world
champion sports teams, state-of-the-art healthcare providers, the
world's leading educational institutions, iconic destinations and
cultural attractions, and numerous municipalities in 19 countries around
the world. Our 270,000 team members deliver experiences that enrich and
nourish millions of lives every day through innovative services in food,
facilities management and uniforms. We operate our business with social
responsibility, focusing on initiatives that support our diverse
workforce, advance consumer health and wellness, protect our
environment, and strengthen our communities. Aramark is recognized as
one of the World's Most Admired Companies by FORTUNE as well as an
employer of choice by the Human Rights Campaign and DiversityInc. Learn
more at www.aramark.com
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Cautionary Statements Regarding Forward-Looking Statements
This press release includes "forward-looking statements" within the
meaning of the Private Securities Litigation Reform Act of 1995 that
reflect our current views as to future events and financial performance
including with respect to, without limitation, the benefits of our
acquisition of AmeriPride, as well as statements regarding AmeriPride’s
and our services and products. These statements can be identified by the
fact that they do not relate strictly to historical or current facts.
They relate to the topics set forth above or use words such as
"outlook," "aim," "anticipate," "are confident," "have confidence,"
"estimate," "expect," "will be," "will continue," "will likely result,"
"project," "intend," "plan," "believe," "see," "look to" and other words
and terms of similar meaning or the negative versions of such words.
Forward-looking statements speak only as of the date made. These
forward-looking statements are subject to risks and uncertainties that
may change at any time, and, therefore, our actual results may differ
materially from those that we expected. Such risks and uncertainties
include, among others, our ability to successfully integrate
AmeriPride’s business and costs and timing related thereto, the risk of
unanticipated restructuring costs or assumption of undisclosed
liabilities, the risk that we are unable to achieve the anticipated
benefits (including tax benefits) and synergies of the acquisition of
AmeriPride including whether the transaction will be accretive and
within the expected timeframe, the availability of sufficient cash to
repay certain indebtedness and our decision to utilize the cash for that
purpose, the disruption of the transactions to AmeriPride and its
management; AmeriPride’s ability to retain and hire key personnel and
maintain relationships with customers, suppliers and other third
parties, our ability to attract new or maintain existing customer and
supplier relationships at reasonable cost, our ability to retain key
personnel and the other factors set forth in the "Risk Factors," -"
Legal Proceedings" and "Management Discussion and Analysis of Financial
Condition and Results of Operations" sections and other sections of our
Annual Report on Form 10-K filed with the Securities and Exchange
Commission on November 22, 2017 as such factors may be updated from time
to time in our other periodic filings with the SEC, which are accessible
on the SEC's website at www.sec.gov
and which may be obtained by contacting Aramark's investor relations
department via its website www.aramark.com.
Accordingly, there are or will be important factors that could cause
actual outcomes or results to differ materially from those indicated in
these statements. These factors should not be construed as exhaustive
and should be read in conjunction with the other cautionary statements
that are included in this release and in our filings with the SEC. As a
result of these risks and uncertainties, readers are cautioned not to
place undue reliance on any forward-looking statements included herein
or that may be made elsewhere from time to time by, or on behalf of, us.
We undertake no obligation to publicly update or review any
forward-looking statement, whether as a result of new information,
future developments, changes in our expectations, or otherwise, except
as required by law.
View source version on businesswire.com: http://www.businesswire.com/news/home/20180122005921/en/
Karen Cutler, 215-238-4063
Kate Pearlman, 215-409-7287