Published by Global Banking & Finance Review®
Posted on December 10, 2024
2 min readLast updated: January 27, 2026
Vestis attracts interest from buyout firms like Advent and Apollo after financial challenges. Elis SA withdrew earlier interest.
By Milana Vinn
NEW YORK (Reuters) - Advent International and Apollo Global Management are among the buyout firms exploring a potential acquisition of uniform supplier Vestis, according to people familiar with the matter.
Roswell, Georgia-based Vestis has been working with its financial advisers to evaluate interest from potential suitors, since the company first received an acquisition offer from French rival Elis SA, Reuters reported in September. Elis later pulled out of the talks, citing a need to maintain "financial discipline."
Private equity firm Clayton Dubilier & Rice has also expressed interest in bidding for Vestis, one of the sources cited above said, requesting anonymity as the discussions are confidential.
The potential acquirers submitted initial bids for Vestis in recent weeks, the sources said, cautioning that a deal is not guaranteed and that Vestis could opt to stay independent.
Vestis did not immediately respond to requests for comment. Advent, Apollo and CD&R declined to comment.
Vestis became an acquisition target after the company slashed its fiscal-year earnings and revenue guidance in May, causing its shares to tank. Activist investor Corvex, which is led by hedge fund veteran Keith Meister, took a stake in Vestis following its first-quarter results. In June, Vestis appointed Meister to its board of directors.
Vestis, which has a market value of about $2.1 billion, has given up nearly 23% of its value this year, underperforming the S&P 500 Diversified Support Services index. The company had total outstanding debt of about $1.2 billion, as of Sept. 27.
Vestis has recently displayed early signs of a turnaround, after cutting costs, reducing its debt pile and revamping its sales strategy to focus on generating more business from large customers. In November, the company issued full-year earnings and revenue guidance that was roughly in line with market expectations, sending its shares up 13%.
(Reporting by Milana Vinn in New York; Editing by Leslie Adler)
The main topic is the potential acquisition of Vestis by major buyout firms.
Advent International, Apollo Global Management, and Clayton Dubilier & Rice have shown interest.
Elis SA withdrew due to a need to maintain financial discipline.
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