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 commented on the results of the Company's 2026 Annual Meeting (the "Meeting†). Based on the preliminary results of the Meeting, a majority of the common stock outstanding (14,530,548 shares) voted for both of Engine's nominees, Arnaud Ajdler and Michael A. Cr. ...

WILMINGTON, Mass., Dec. 15, 2025 (GLOBE NEWSWIRE) -- UniFirst Corporation (the “Company” or “UniFirst”) (NYSE: UNF), a North American leader in providing customized business uniform programs, facility service products and first aid and safety services, today announced that the preliminary vote count from the Company’s proxy solicitor indicates that the Company’s nominees, Steven S. Sintros and Joseph M. Nowicki, were re-elected to the UniFirst Board of Directors (the “Board”) at the Company’s Annual Meeting ...

NEW YORK--(BUSINESS WIRE)--Third Avenue Management LLC ("Third Avenue†), on behalf of its clients, is a long term owner of Class A common shares of UniFirst Corp ("UniFirst†). Funds and accounts managed by Third Avenue have held shares of UniFirst since 2010. Third Avenue intends to exercise its voting authority, over all UniFirst shares held within client accounts and funds under its management, in favor of Engine Capital's ("Engine†) proposed UniFirst directors at the upcoming December 15th a. ...

LOUISVILLE, Ky., Dec. 05, 2025 (GLOBE NEWSWIRE) -- River Road Asset Management LLC (“River Road”), on behalf of its clients, owns approximately 881,000 Class A common shares of UniFirst (UNF), which represents 6.0% of the Class A shares and a 4.9% total ownership interest in the company. River Road is a value-oriented institutional equity manager with over $10 billion in total assets under management. We have been patient UniFirst shareholders since 2010. This year, River Road has been profoundly disappoint ...

Core Viewpoint - The Boyar Value Group has called for an immediate strategic review of UniFirst Corporation due to years of underperformance and the Board's refusal to engage with credible potential buyers [1][2]. Company Performance - UniFirst has faced years of underperformance, which has eroded shareholder confidence and destroyed value [3]. - The company has dismissed multiple acquisition approaches, including a recent proposal from Cintas Corporation that offered a more than 45% premium to UniFirst's unaffected price, which was $275 per share [2][3]. Governance Concerns - The refusal of UniFirst's Board to engage with credible buyers raises serious fiduciary concerns, as highlighted by the Boyar Value Group [2][4]. - There are concerns that the Board's decisions may be influenced by the substantial annual compensation of over $300,000 earned by many non-employee directors, rather than focusing solely on maximizing long-term shareholder value [5]. Strategic Recommendations - Boyar Value Group urges the UniFirst Board to take specific actions, including forming an independent special committee, reengaging with Cintas and other credible buyers, conducting a robust sale process, and providing transparency to shareholders regarding strategic alternatives [7].

Nov 25, 2025 9:15 AM Eastern Standard Time Engine Capital Issues Open Letter to the Trustees Controlling UniFirst Corporation Share *** November 25, 2025 UniFirst Corporation68 Jonspin RoadWilmington, Massachusetts 01887Attention: Ms. Carol Croatti, Mr. Matthew Croatti, Ms. Cynthia Croatti, and Ms. Cecelia Levenstein Dear Trustees, Calls on Carol Croatti, Matthew Croatti, Cynthia Croatti, and Cecelia Levenstein to Finally Meet with One of the Company's Largest Independent Common Shareholders Emphasizes the ...

Group 1 - Crude Value Insights provides an investment service and community focused on the oil and natural gas sectors, emphasizing cash flow and companies that generate it [1] - The service offers subscribers access to a model account with over 50 stocks, detailed cash flow analyses of exploration and production (E&P) firms, and live chat discussions about the sector [1] Group 2 - A two-week free trial is available for new subscribers, promoting engagement with the oil and gas market [2]

Core Points - UniFirst Corporation filed its preliminary proxy statement for the 2026 Annual Meeting of Shareholders, recommending shareholders vote for its director nominees and expressing confidence in its long-term growth strategy [1][3][4] Group 1: Board of Directors - The Board nominated CEO Steven S. Sintros and Audit Committee Chairman Joseph M. Nowicki for election, while Raymond C. Zemlin will retire after his term [2] - The Board recommends shareholders vote against the nominees proposed by Engine Capital Management, LP, advocating for its own candidates instead [3] - The current Board consists of seven directors, five of whom are independent, with expertise in finance, operations, technology, and other relevant areas [5] Group 2: Strategic Focus - The Company emphasizes a clear strategy focused on investing in people, technology, and infrastructure to drive growth and profitability [4] - The Board is committed to refreshing its composition, having appointed three new independent directors in the past three years [5] Group 3: Proxy Materials - UniFirst's preliminary proxy materials are available on the SEC's website, and definitive materials will be mailed to eligible shareholders [6] - Shareholders are advised to disregard any proxy materials from Engine Capital and to use the WHITE proxy card provided by UniFirst [6] Group 4: Company Overview - UniFirst is a North American leader in providing customized business uniform programs, facility service products, and first aid and safety services, with over 270 service locations and more than 2 million workers outfitted daily [8]

Core Insights - Third Avenue Management's "Third Avenue Small-Cap Value Fund" reported a return of 7.18% in Q3 2025, underperforming the MSCI USA Small-Cap Value Index at 8.97% and the Russell 2000 Value Index at 12.60% [1] - The fund's performance was positively influenced by contributions from a diverse range of businesses [1] Company Analysis: UniFirst Corporation (NYSE:UNF) - UniFirst Corporation's stock experienced a one-month return of -2.75% and a 52-week decline of 22.44%, closing at $151.81 per share with a market capitalization of $2.75 billion on November 5, 2025 [2] - The fund noted that UniFirst is under pressure to demonstrate its value proposition as a standalone business after rejecting an acquisition offer from Cintas Corporation earlier in the year [3] - Despite acknowledging UniFirst's potential, the fund believes that certain AI stocks present greater upside potential and lower downside risk [3]

Customer Base and Revenue - The company serves over 300,000 customer locations across the U.S., Canada, and Europe, with no individual customer accounting for more than 10% of total revenue in the last three years [24]. - The company has experienced fluctuations in revenues and operating results due to various factors, including economic conditions and seasonal patterns [22]. Manufacturing and Sourcing - Approximately 62% of garments placed in service during fiscal 2025 were manufactured in-house, primarily work pants and shirts, with the remainder sourced from various suppliers [29]. - The company manufactured approximately 99% of the mats placed in service at its plant in Cave City, Arkansas [29]. Employment and Talent Management - As of August 30, 2025, the company employed approximately 16,000 team partners, emphasizing recruitment, development, and retention of talent [30]. Financial Obligations and Borrowing Capacity - The company has total contractual cash obligations of $259.8 million as of August 30, 2025, with significant commitments in operating leases and purchase commitments [185]. - The company had total borrowing capacity of $300 million under its Credit Agreement, with no outstanding borrowings as of August 30, 2025, and $193.3 million available for borrowing [187]. Acquisitions - The company regularly evaluates acquisition opportunities and typically pays for acquisitions with cash, cash generated from operations, or borrowings [184]. Customer Service Commitment - The company maintains a commitment to service excellence, with a system in place to respond to customer inquiries within 24 hours [27]. Environmental Regulations - The company is subject to various environmental regulations and has taken measures to address environmental concerns related to its operations [32]. Financial Instruments and Energy Costs - As of August 30, 2025, the company had forward contracts with a notional value of approximately 1.8 million CAD, with a fair value recorded at $0.1 million in prepaid expenses and other current assets [188]. - During fiscal 2025, energy costs, including fuel, natural gas, and electricity, represented approximately 3.9% of total revenue [189]. - The company reclassified $0.1 million from accumulated other comprehensive loss to revenue related to derivative financial instruments during fiscal 2025 [188].