UniFirst completes Textilease Corporation acquisition

UniFirst Corporation (NYSE: UNF), which has a location in Springfield at 2244 N. Bolivar Road, has announced the completion of its acquisition of the business and assets of Textilease Corporation.

UniFirst is one of the largest providers of workplace uniforms and protective clothing in North America.

The company employs over 9,000 team partners serving more than 175,000 customers in 46 states, Canada and Europe from 156 manufacturing, distribution and customer service facilities.

Textilease, with its headquarters in Beltsville, Md., had fiscal year 2002 revenues of $95 million.

It services over 25,000 uniform and textile products customers from 12 locations in six southeastern states, and also services a wide range of large and small first-aid service customers from additional specialized facilities.

UniFirst President and CEO Ronald D. Croatti, said in a company release, "The Textilease acquisition is the largest and most significant acquisition we have ever made. The combination of our two companies will broaden our market penetration in the mid-Atlantic and Southeast areas.

"Textilease is one of the premier companies in the industry. They are a quality company with excellent people and customers," he added.

"We're pleased to have them join the UniFirst family."

The purchase price of $178 million in cash, less assumed debt, was financed as part of a new $285 million unsecured revolving credit agreement, with Fleet National Bank as administrative agent and Sun Trust Bank as syndication agent.