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 Confirms Receipt of Preliminary InquiryBusiness Wire
- Vestis Co. (NYSE: VSTS) had its price target raised by analysts at The Goldman Sachs Group, Inc. from $12.50 to $13.80. They now have a "neutral" rating on the stock.MarketBeat
- Vestis Announces Quarterly Cash DividendBusiness Wire
- Vestis Co. (NYSE: VSTS) was downgraded by analysts at Baird R W from a "strong-buy" rating to a "hold" rating.MarketBeat
- Vestis Co. (NYSE: VSTS) had its price target raised by analysts at The Goldman Sachs Group, Inc. from $11.00 to $12.50. They now have a "neutral" rating on the stock.MarketBeat
VSTS
Earnings
- 8/7/24 - Beat
VSTS
Sec Filings
- 10/3/24 - Form 8-K
- 9/12/24 - Form 8-K/A
- 9/12/24 - Form 8-K/A
- VSTS's page on the SEC website