Spin-off - Vestis Corp

Form Type: 10-Q

Filing Date: 2025-02-05

Corporate Action: Spin-off

Type: New

Accession Number: 000196764925000014

Filing Summary: On September 30, 2023, Aramark completed the spin-off of Vestis Corporation, distributing approximately 131.2 million shares of common stock to holders of Aramark shares as of September 20, 2023. Each holder of Aramark's common stock received one share of Vestis for every two shares held, resulting in Vestis becoming an independent public company with its shares listed on the NYSE under the symbol 'VSTS'. The financial statements reflect the historical results of operations for the period ended December 27, 2024, with total current assets at $809.589 million and total liabilities at $1.998 billion. The net income for the quarter was $832,000, reflecting a decline compared to $12.266 million in the same quarter of the previous year. The company continues to face challenges including increased operating costs and competition in the market, but it maintains a strong market presence in uniform and workplace supply services across the U.S. and Canada. Management remains focused on growth strategies and managing operational costs, while also adhering to financial regulations and maintaining transparency with stakeholders.