Cintas, but for a broader range of industries and specialized uniform and facility service needs.

Sysco, but for uniforms and essential facility supplies instead of food products.

• Customized Uniform Rental and Purchase Programs: Services offering businesses tailored solutions for uniform acquisition and maintenance.
• Uniforms: General apparel provided for various industries.
• Floor Mats: Rental and supply of industrial floor mats for facility safety and cleanliness.
• Towel Service: Commercial provision of clean towels for various business needs.
• Restroom Supplies: Distribution of essential products for commercial restroom maintenance.
• Equipment: Provision of various industrial equipment, likely for facility operations.
• Mops: Supply of commercial-grade mops for cleaning and facility maintenance.
• First Aid Supplies: Provision of first aid kits and supplies for workplace safety.
• Flame Resistant Apparel: Specialized uniforms designed to protect against flames.
• Cleanroom Supplies: Products and apparel specifically designed for controlled cleanroom environments.
• Healthcare Supplies: Dedicated products and apparel tailored for the healthcare industry.

Vestis Corporation (VSTS) primarily operates on a Business-to-Business (B2B) model, providing customized uniform rental and purchase programs, along with facility services, to other companies.

Due to the diversified nature of its customer base, Vestis does not disclose specific "major customers" by name that individually account for a significant portion of its revenue. Public filings indicate that no single customer accounted for 10% or more of its consolidated net revenues in recent fiscal years.

Instead, Vestis serves a broad range of businesses across various industries. These customer categories include:

• Food Service: Businesses such as restaurants, catering companies, and cafeterias.
• Food Processing: Companies involved in the manufacturing, preparation, and packaging of food products.
• Automotive: Entities like dealerships, repair shops, and manufacturing facilities within the automotive sector.
• Manufacturing: A wide array of industrial and production companies that require uniforms and facility supplies.
• Healthcare: Institutions such as hospitals, clinics, and nursing homes.
• Cleanroom: Specialized industries like pharmaceuticals, biotechnology, and electronics manufacturing that demand stringent contamination control.

Jim Barber President, Chief Executive Officer

Jim Barber joined Vestis in June 2025 and also serves as a member of the Board of Directors. He previously had a distinguished 35-year career at UPS, where he most recently served as Chief Operating Officer. In this role, he was responsible for overseeing a complex, global route-based delivery network. His career at UPS began as a delivery driver, and he held various leadership positions, including President of UPS International and President of UPS Europe. Mr. Barber has also served on the boards of multiple public companies.

Adam K. Bowen Interim Chief Financial Officer

Adam K. Bowen is the Interim Chief Financial Officer of Vestis. He joined Vestis in February 2025 as Vice President of Financial Planning & Analysis and was appointed Interim Chief Financial Officer in December 2025. Prior to joining Vestis, Mr. Bowen served as Chief Accounting Officer of Sonder Holdings, Inc. and previously as Chief Accounting Officer of BlueLinx Holdings Inc., where he also held senior finance leadership roles in controllership, internal audit, and enterprise risk management. Earlier in his career, he held internal audit positions with Abbott Laboratories and its acquired subsidiary Alere, Inc., as well as roles at KPMG LLP and Southern Company. He brings over 20 years of strategic finance experience to his role.

Bill Seward Executive Vice President, Chief Operating Officer

Bill Seward joined Vestis in September 2024 as Executive Vice President and Chief Operating Officer. Before Vestis, he was the President of UPS Supply Chain Solutions, where he was responsible for multiple business units including global logistics, freight forwarding, warehousing, and distribution. Prior to returning to UPS in 2019, Mr. Seward served as Executive Vice President and Chief Commercial Officer for Stericycle, Inc.

Butch Bouchard EVP, Chief Legal Officer, General Counsel & Corporate Secretary

Butch Bouchard joined Vestis in February 2025 to serve as Executive Vice President, Chief Legal Officer, General Counsel & Corporate Secretary. He possesses over 30 years of experience in legal and operational leadership roles, including 17 years as a public company General Counsel. From January 2008 to January 2025, Mr. Bouchard served as Chief Legal Officer and General Counsel, and in various compliance and risk management roles for Team, Inc. (NYSE: TISI).

Wendy Zacchio Senior Vice President, Chief Information Officer and Chief Digital Officer

Wendy Zacchio joined Vestis in October 2025 as Senior Vice President, Chief Information Officer and Chief Digital Officer. Previously, Ms. Zacchio served as Enterprise Chief Information Officer at Zelis, where she was responsible for enterprise platforms, cybersecurity, and global technology. Before that, she was Chief Information Officer of International Markets at Cigna, overseeing technology and teams across more than 30 countries.

The key risks to Vestis Corporation (VSTS) primarily revolve around its financial leverage, coupled with struggles in revenue growth and customer retention, and the inherent challenges in executing its strategic transformation.

1. High Leverage and Financial Strain: Vestis Corporation faces significant financial risk due to its high net-debt-to-EBITDA ratio, which has been reported as high as 6 times, contributing to rising financial strain and limiting its financial flexibility. This elevated debt level could lead to increased borrowing costs and make it challenging to meet other obligations. Furthermore, the company's reliance on a revolving accounts receivable securitization facility means that a deterioration in customer credit quality or increased delinquencies could jeopardize this financing, potentially forcing Vestis to seek alternative funding at less favorable terms. There are also risks associated with restrictive debt covenants, which if violated, could result in early repayment demands or termination of financing.
2. Weak Revenue Growth, Declining Earnings, and Customer Attrition: Vestis has experienced weak long-term revenue growth, with annual growth rates around 1.8% and even recent declines in revenue. Compounding this, the company's earnings have been declining, turning negative over the past three years, and it has missed analyst forecasts for both earnings per share and revenue. A major concern is the company's difficulty in retaining existing customers, renewing contracts on comparable terms, and acquiring new business. Reports indicate "lost business in excess of new business" and "lower adds over stops" with existing customers, highlighting significant customer attrition. This persistent struggle with customer retention and revenue generation directly impacts profitability and amplifies financial risks.
3. Operational and Execution Risks, including Restructuring: The company is undertaking a multi-year restructuring plan aimed at achieving cost savings, but there are inherent execution risks that could impede its success. Operational challenges, such as supply chain disruptions, volatile fuel and energy costs, and increasing labor expenses, can negatively impact operating margins. Additionally, Vestis operates in a competitive industry, which could further affect its business and market share. Unfavorable macroeconomic conditions, including inflationary pressures and higher interest rates, also pose ongoing risks by potentially reducing demand for Vestis's services and increasing its operational costs.

Vestis Corporation (VSTS) operates in several addressable markets across North America and Japan, primarily offering uniform rental programs and a range of workplace supplies.

Uniform Rental and Cleaning Services

• The global uniform rental market was valued at $19.2 billion in 2023 and is projected to grow to $25.3 billion by 2031. Another estimate places the global uniform rental market size at $22.7 billion in 2024, with a projection to reach $38.7 billion by 2033.
• In the United States, the uniform rental market size was $8.7 billion in 2023.
• For Canada, the Industrial Laundry & Linen Supply industry, which includes uniform rental and cleaning, is estimated at $1.9 billion in 2026.
• In Japan, the uniform rental service market size was 92,500 million yen (approximately $620 million USD) in fiscal year 2023, with a forecast to increase to 94,000 million yen (approximately $630 million USD) for fiscal year 2024.

Floor Mats

• The North American entrance floor mat market held the largest revenue share of 30.79% in 2025 within the global market. The North America carpet floor mats market size was $3580.60 million in 2024.
• Specifically in the United States, the carpet floor mat market size was $2825.09 million in 2024. The U.S. also accounts for a significant share (19.6%) of the industrial floor mats market.

Towel Service

• The global towel market was valued at $17 billion in 2024 and is estimated to reach $28.7 billion by 2034.
• In the United States, the towel market generated $2.5 billion in 2024.
• The North America towel market size was estimated at $13.5 billion in 2025 and is projected to reach $18.7 billion by 2032.

Restroom Supplies

• The United States Commercial Bathroom Products Market was valued at $358.08 million in 2023 and is projected to reach $449.45 million by 2032. Another report estimates the market size at $357.69 million in 2024, expecting to reach $369.90 million in 2025 and $435.09 million by 2030.
• The global washroom accessories market size was valued at $3.5 billion in 2024 and is projected to grow to $5.8 billion by 2034.

First Aid and Safety Products

• The global first aid market size was valued at $4.77 billion in 2024 and is projected to reach $6.18 billion by 2030.
• The U.S. first aid market generated a revenue of $1,786.0 million in 2023 and is expected to reach $2,426.2 million by 2030.
• The North American first aid market held the largest share of 47.0% in 2024.

Cleanroom Services

• The U.S. and Europe cleanrooms market size was estimated at $6.37 billion in 2022 and expected to reach $6.54 billion in 2023.
• The U.S. cleanroom technology market generated a revenue of $2,028.9 million in 2024 and is expected to reach $2,717.7 million by 2030.
• The North America cleanroom technology market size was valued at $116.27 million in 2024 and is expected to reach $178.44 million by 2032.

Here is a summary of Vestis's capital allocation decisions over the last 3-5 years:

Share Repurchases

• Vestis Corporation has made no share repurchases.
• Share repurchases are currently restricted, along with dividends, until at least the first fiscal quarter of 2027, or until the company achieves a net leverage ratio below 4.50x for two consecutive quarters prior to 2027.

Share Issuance

• On September 30, 2023, Vestis Corporation completed its spin-off from Aramark, resulting in the issuance of Vestis common stock to Aramark shareholders.
• Holders of Aramark common stock received one share of Vestis common stock for every two shares of Aramark common stock they held on the record date, September 20, 2023.

Outbound Investments

• In Q1 Fiscal 2025, Vestis made $20 million in voluntary principal payments towards debt reduction, utilizing proceeds from the sale of its Japan joint venture.

Capital Expenditures

• Vestis invested $15.4 million in property and equipment during the fiscal fourth quarter of 2025, primarily for market center facility improvements.
• Capital expenditures totaled $9.4 million in Q2 2026, focused on funding long-term assets and infrastructure, which was a 38.9% decrease from the prior quarter.
• The company's multi-year strategic transformational restructuring plan, expected to be substantially complete by the end of 2027, includes targeted capital investments as part of its "Asset & Network Optimization" priority.