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I initiated a 300 share Cintas (CTAS) position in a \u2018Side\u2019 account within the FFJ Portfolio<\/strong><\/a> in December 2024. I disclose this purchase in this December 19, 2024 post<\/a><\/strong>.<\/p>\n On January 7, 2025<\/strong><\/a>, CTAS announced that it submitted a proposal to UniFirst Corporation\u2019s (UNF) Board to acquire all outstanding common and class B shares shares for $275.00\/share in cash. This proposal implied a total value for UNF of ~$5.3B. Interestingly, UNF\u2019s current market cap is ~$3.3B.<\/p>\n UNF rebuffed CTAS\u2019s offer and on March 24, CTAS announced that it terminated discussions with UNF.<\/p>\n In early December 2025:<\/p>\n Engine Capital put together a presentation<\/strong><\/a> on the need for UNF to improve governance and initiate a review of strategic alternatives which is accessible here. It also announced<\/strong><\/a> that Institutional Shareholder Services Inc. (ISS), a leading independent proxy advisory firm, recommended that UNF shareholders send a clear message to the UNF\u2019s Board that the status quo is untenable. Engine Capital owns ~3.2% of UNF\u2019s outstanding shares of common stock.<\/p>\n River Road Asset Management<\/strong><\/a> addressed UNF\u2019s Board regarding shareholder concerns. River Road Asset Management, on behalf of its clients, owns ~881,000 Class A common shares of UNF, which represents ~6.0% of the Class A shares and ~4.9% total ownership interest in the company.<\/p>\n Boyar Value Group<\/a><\/strong> sent an open letter to UNF\u2019s Board<\/strong><\/a> to initiate a strategic review following the rejection of multiple credible acquisition offers.<\/p>\n UNF\u2019s <\/span>2026 Annual Meeting of Shareholders<\/span> is scheduled for <\/span>December 15, 2025<\/span>. <\/span>The pressure in on UNF\u2019s Board to consider a major change to reverse the company\u2019s poor performance. UNF, however, has a dual class structure in which the Class A shares hold 1 vote\/share and the Class B shareholders hold 10 votes\/share. As of October 22, 2025, the number of outstanding shares of the Registrant\u2019s Common Stock and Class B Common Stock were 14,565,659 and 3,551,265, respectively.<\/p>\n NOTE:<\/strong> Aldo Croatt<\/span>i founded UNF in 1936. He became President and gained control of the majority of the company in the early 1940s.<\/span> He remained the <\/span>Chairman of the Board<\/span> until his death on October 4, 2001.<\/span><\/p>\n His son, Ronald D. Croatti, became the company\u2019s Chief Executive Officer (CEO) in <\/span>1991<\/span> and Chairman of the Board in <\/span>2002<\/span>, after the passing of his father. On May 23, 2017<\/span>, at the age of 74, he passed away due to complications associated with pneumonia.<\/span><\/span><\/span><\/span><\/p>\n The Croatti family controls over 70% of the vote with only an economic interest of ~19.6%.<\/strong><\/p>\n Whether:<\/p>\n is unknown. Even if nothing materializes, I still like CTAS\u2019s long term outlook. This is why my CTAS exposure is currently 700 shares. CTAS posts in which I disclose my purchases are accessible through the Archives section<\/a><\/strong>.<\/p>\n I last reviewed CTAS in this November 3, 2025 post<\/strong><\/a> at which time I disclosed the purchase of 100 shares @ $181.455 in a \u2018Side\u2019 account in the FFJ Portfolio<\/strong><\/a>.<\/p>\n On December 18, 2025, CTAS will release Q2 and YTD2026 results. I will, however, be unable to review these results until early January. If CTAS interests you, it would be worthwhile to closely monitor both CTAS and UNF.<\/p>\n I wish you much success on your journey to financial freedom!<\/p>\n Note:<\/em><\/strong> Please send any feedback, corrections, or questions to finfreejourney@gmail.com<\/a><\/strong>.<\/em><\/p>\n Disclosure<\/em><\/strong>: I am long CTAS. Disclaimer<\/em><\/strong>: I do not know your circumstances and do not provide individualized advice or recommendations. I encourage you to make investment decisions by conducting your research and due diligence. Consult your financial advisor about your specific situation.<\/em><\/p>\n I wrote this article myself and it expresses my own opinions. I do not receive compensation for it and have no business relationship with any company mentioned in this article.<\/em><\/p>\n<\/p><\/div>\n\n
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