MoatScopeVestis CorporationVSTS
Spin-off from Aramark (ARMK) · Sep 30, 2023 · NYSE
one share of Vestis for every two shares of Aramark
Documents
Both companies today
Moat ratings, quality scores and fair value estimates are MoatScope research opinions and refresh with the data pipeline. Price / FV below 1.00× means the shares trade under our base-case estimate.
What is being separated
Vestis is one of the largest uniform rental and workplace supplies providers in the United States and Canada, supplying uniforms, mats, towels, linens and restroom and safety products, with revenue of about $2.7 billion in fiscal 2022.
Stated rationaleAramark said separating Aramark Uniform Services would let each company pursue its own growth strategy and capital allocation.
The four questions
Indiscriminate selling
StrongManagement incentives
PartialThe hidden jewel
AbsentLeverage
StrongThe write-up
Aramark distributed Vestis on September 30, 2023, one Vestis share for every two Aramark shares. Vestis is the former Aramark Uniform Services business — uniform rental and workplace supplies, one of the largest operators in the United States and Canada, with about $2.7 billion of fiscal 2022 revenue — and it borrowed $1.5 billion at separation, distributing about $1.47 billion of the proceeds to Aramark. On MoatScope's framework Vestis carries no moat rating and a quality score of 22 at a $1.75 billion market value, trading at $13.26 against a base-case fair value estimate of $0.44 a share. Aramark carries a Narrow moat and a quality score of 40 at $15.0 billion, 2.54× fair value.
Not investment advice. Terms are as stated in the latest filing; spin-off shares are often thinly covered and volatile in their first months. Write-up dated Sep 8, 2026.