Aramark (NYSE:ARMK) plans to spin off Aramark Uniform & Career Apparel, LLC on May 10, 2022. Post completion, Aramark Uniform & Career Apparel, LLC will be listed on stock exchange. After the completion of the proposed spin-off, John Zillmer will continue to serve as Chief Executive Officer of Aramark. Tom Ondrof will remain as Chief Financial Officer of Aramark. Kim Scott will lead the independent public company as Chief Executive Officer. Newly appointed Rick Dillon will serve as Chief Financial Officer. For fiscal year ended September 30, 2022, Uniform had total revenue and operating income as $2.6 billion and $210 million approximately. The proposed spin-off is subject to certain customary conditions, including final approval of the Aramark Board of Directors, receipt of a favorable opinion and Internal Revenue Service ruling with respect to the tax-free nature of the transaction, the effectiveness of a registration statement on Form 10 to be filed with the SEC and the receipt of other regulatory approvals. The transaction, which is intended to be tax-free to Aramark and its stockholders, remains on track to occur in the second half of fiscal 2023.

Goldman, Sachs & Co. LLC and J.P. Morgan Securities LLC are acting as financial advisors to Aramark while Wachtell, Lipton, Rosen and Katz is serving as legal counsel.