Engine Capital Issues Statement Regarding Announced Sale of UniFirst to Cintas

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proxy contest financial

A proxy contest occurs when shareholders try to influence a company's decisions by challenging the current management or board of directors, often by trying to gain enough support from other shareholders to make changes. It’s like a group of voters trying to sway an election by persuading others to support their preferred candidate or agenda. This process matters to investors because it can lead to significant changes in how a company is run, affecting its future direction and value.

03/11/2026 - 07:40 AM

NEW YORK--(BUSINESS WIRE)-- Engine Capital LP (together with its affiliates, “Engine” or “we”), which owns approximately 3.2% of the outstanding shares of common stock of UniFirst Corporation (NYSE: UNF) (“UniFirst” or the “Company”), today released the following statement on behalf of Managing Partner Arnaud Ajdler regarding the Company’s announced sale to Cintas Corporation (NASDAQ: CTAS):

“This is the right transaction, at the right price, with the right partner. We are pleased with this outcome, which we believe maximizes value for all UniFirst shareholders. Over the past year, including during our recent proxy contest, we have engaged actively with the Company regarding opportunities to unlock value. We believe this engagement ultimately paved the way for the transaction announced today. I would like to thank the UniFirst Board and the Croatti trustees for pursuing a transaction that recognizes the Company’s strategic value. In particular, I want to thank Chairman Joseph Nowicki and independent director Sergio Pupkin for engaging constructively with shareholders during the recent proxy contest, listening to their feedback, and ultimately bringing this transaction to fruition.”

About Engine Capital

Engine Capital LP is a value-oriented special situations fund that invests both actively and passively in companies undergoing change.