PHILADELPHIA–(BUSINESS WIRE)–Aramark (NYSE: ARMK), a global leader in food, facilities management and uniforms, today announced an agreement to sell its 50% equity stake in AIM Services to Mitsui & Co., Ltd. for $535 million. The Company will use the proceeds from the transaction toward debt repayment.
AIM Services was established as a joint venture between Aramark and Mitsui Group companies in 1976 to provide food services to clients across a variety of business sectors in Japan.
“As part of our strategy to deliver profitable growth, we regularly review the Company’s portfolio to identify opportunities to create value for shareholders,” stated John Zillmer, Aramark’s Chief Executive Officer. “Monetizing this non-controlling interest will enhance operating focus, strengthen our balance sheet through accelerated debt repayment, and will be accretive to earnings per share.”
The transaction is anticipated to close at the beginning of Aramark’s fiscal third quarter, subject to customary closing conditions and approvals.
As previously announced, Aramark is scheduled to host its fiscal first quarter earnings call on February 7, 2023 at 8:30 a.m. ET. A news release containing the results will be issued before the call.
About Aramark
Aramark (NYSE: ARMK) proudly serves the world’s leading educational institutions, Fortune 500 companies, world champion sports teams, prominent healthcare providers, iconic destinations and cultural attractions, and numerous municipalities in 19 countries around the world with food, facilities, and uniform services. Because our culture is rooted in service, our employees strive to do great things for each other, our partners, our communities, and our planet. Aramark ranked No. 1 In the Diversified Outsourcing Services Category on FORTUNE’s 2022 List of ‘World’s Most Admired Companies’ and has been named to DiversityInc’s “Top 50 Companies for Diversity” list, the Forbes list of “America’s Best Employers for Diversity,” the HRC’s “Best Places to Work for LGBTQ Equality” and scored 100% on the Disability Equality Index. Learn more at www.aramark.com and connect with us on Facebook, Twitter, and LinkedIn.
