Foodservice giant Aramark (ARMK) announced that its Board has approved the spin off of its Uniform and Workplace Supplies business, to be named Vestis (VSTS). Shareholders of Aramark as of September 20th will receive one share of Vestis for every two shares of Aramark owned. The transaction will be completed on September 30, 2023, with the first day of trading for Vestis to occur on October 2, 2023. Vestis will begin its life with significant business operations:
Vestis is a leader in the B2B uniform and workplace supplies category. Vestis provides clean and safe uniform services and workplace supplies to a broad range of North American customers from Fortune 500 companies to locally owned small businesses across a broad set of end markets. The company’s comprehensive service offering includes a full-service uniform rental program, cleanroom and other specialty garment processing, floor mats, towels, linens, managed restroom services, first aid supplies and more.
A little more about the name. Sometimes, new companies announce their name without fanfare. On other occasions, they provide longwinded explanations of the name’s derivation. Let’s see what we have here:
“Vestis” is the Latin word for garments and clothing and is the foundation of the words “to dress” in a number of languages. The name captures the uniform rental services business offering. It also has a deeper meaning when it is used in the Latin phrase “vestis virum facit” or “clothes make the person.” Vestis will use a descriptor, Uniforms and Workplace Supplies, to describe the full breadth of its offering.
“Our new name, Vestis, connects us to our purpose as an organization – deliver uniforms and supplies that empower people to do good work and good things for others while at work,” said Kim Scott, President and CEO of Aramark Uniform Services and appointed CEO of Vestis. “We are grateful to our customers for the opportunity to continue to deliver services and products that help their teammates work confidently, comfortably, and safely each day. We are also excited about our future as an independent, publicly traded company and we remain confident that great things are ahead for our teammates, customers, and shareholders.”
Vestis virum facit, indeed.
Not wanting to be left out, the new logo also wants you to know its story:
Vestis also releases its new company logo, a bold and complementary combination of orange and navy blue that exudes warmth and a new energy, balanced by its strong confidence and deep experience in the industrial laundry industry. The mark resembles a shirt collar, which also represents the “V” in Vestis. The company will transition to this logo and other brand identity elements following the transaction completion.
I guess if you are in the uniform business, appearances really do matter above all else.
Disclosure: The author has no position in any stock mentioned