Vestis to Sell Minority Stake in Japanese Joint Venture
Vestis Corporation (VSTS)
Company Research
Source: Business Wire
ATLANTA--(BUSINESS WIRE)--Vestis (NYSE: VSTS), a leading provider of uniforms and workplace supplies, today announced an agreement to sell its 39% equity stake in Aramark Uniform Services Japan Corporation (“AUSJ”) to majority owner Mitsui & Co., Ltd. for approximately $37 million. The Company will use the proceeds from the transaction toward debt repayment.AUSJ, a uniform rental services provider in Japan, was established in 1988 as a joint venture between a group of companies including Vestis’ former parent company Aramark. Vestis does not expect to record a material gain or loss as a result of the sale of its minority stake, which was accounted for as a non-operating equity investment and therefore not included in Operating Income or Adjusted EBITDA. The Company believes that monetizing this non-operating asset will further enhance its strategic focus, strengthen its balance sheet and provide additional financial flexibility.The transaction is expected to close by the end of Oc
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VSTS
News
- Vestis Co. (NYSE: VSTS) had its price target raised by analysts at The Goldman Sachs Group, Inc. from $13.60 to $15.00. They now have a "neutral" rating on the stock.MarketBeat
- Vestis Co. (NYSE: VSTS) had its price target raised by analysts at JPMorgan Chase & Co. from $15.00 to $16.00. They now have a "neutral" rating on the stock.MarketBeat
- Vestis Co. (NYSE: VSTS) had its price target raised by analysts at Barclays PLC from $10.00 to $13.00. They now have an "underweight" rating on the stock.MarketBeat
- Vestis Reports Fourth Quarter and Fiscal 2024 ResultsBusiness Wire
- Vestis Announces Date for Fiscal Fourth Quarter and Full-Year 2024 Earnings ResultsBusiness Wire
VSTS
Earnings
- 11/21/24 - Miss
VSTS
Sec Filings
- 11/21/24 - Form 8-K
- 11/12/24 - Form SC
- 11/8/24 - Form SC
- VSTS's page on the SEC website