Aramark to spin off Uniform Services into independent public company by end of fiscal 2023

Aramark

Armark Uniform Services (AUS) to be separated into an independent publicly traded company via tax-free spin-off by end of fiscal 2023.
AUS pre-COVID annual revenue $2.6B; Aramark core business pre-COVID revenue $13.6B. Both target leverage below 3.5x.
Kim Scott to be CEO of AUS; Rick Dillon appointed CFO. John Zillmer remains Aramark CEO.
AUS plans to raise debt for a one-time dividend to Aramark to reduce debt. Aggregate regular dividend expected consistent post-spin.
Transaction subject to final board approval, IRS tax ruling, regulatory approvals. Goldman Sachs and J.P. Morgan advising.

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