SCHEDULE: River Road Asset Management Boosts UniFirst Stake to 6.1%

River Road Asset Management, LLC has disclosed a 6.1% beneficial ownership stake in UniFirst Corp, acquired for investment purposes using client funds totaling over $134 million.

Summary

• River Road Asset Management, LLC (RRAM) has filed a Schedule 13D, indicating beneficial ownership of 881,303 shares of UniFirst Corp's Common Stock.
• This represents 6.1% of UniFirst's outstanding shares, based on 14,565,659 shares as of October 22, 2025.
• The shares were acquired for investment purposes using RRAM client funds, totaling $134,947,269.25.
• RRAM has sole voting power over 763,959 shares and sole dispositive power over 881,303 shares.
• RRAM's stated purpose is to enhance shareholder value, potentially through discussions with management, other shareholders, or strategic partners regarding operations, governance, capitalization, or board nominees.
• RRAM explicitly states it does not intend to seek control of UniFirst or participate in its day-to-day management.
• Transactions in UniFirst stock by RRAM between September 15, 2025, and November 14, 2025, primarily involved purchases, with some sales, at prices ranging from approximately $149.72 to $172.03 per share.

Sentiment

Score: 7

Explanation: The filing indicates a significant institutional investment in UniFirst Corp, suggesting confidence from River Road Asset Management. While it's a passive investment, the stated intent to enhance shareholder value and potential engagement with management is a positive signal. No negative information about UniFirst is disclosed.

Positives

• A significant institutional investor, River Road Asset Management, has taken a substantial 6.1% stake, indicating confidence in UniFirst Corp's long-term value.
• The stated purpose of enhancing shareholder value suggests potential for active engagement that could benefit other shareholders.
• The investment of over $134 million in client funds demonstrates a strong financial commitment.

Risks

• River Road Asset Management's ownership of the Stock may be materially modified depending on changes in the per share price of the Stock, or related to changes in the Issuer's operations, management structure, business strategy, future acquisitions, growth prospects, liquidity, capital allocation, including use of leverage, or from the sale or merger of the Issuer.

Future Outlook

River Road Asset Management may purchase, hold, vote, trade, dispose, sell, or otherwise deal with UniFirst stock for the benefit of its clients, depending on changes in stock price, UniFirst's operations, management, business strategy, future acquisitions, growth prospects, liquidity, capital allocation, or potential sale/merger of UniFirst. They may also discuss and suggest board nominees or propose changes in operations, governance, or capitalization to enhance shareholder value.

Management Comments

• The Stock was acquired for investment purposes in the ordinary course of business.
• The Filer does not intend to seek control of the Issuer or participate in the day-to-day management of the Issuer.
• The Filer may discuss such matters, and specifically may discuss board of director nominees and may suggest potential board of director nominees, with the Issuer's management or directors, other shareholders, existing or potential strategic partners or competitors, investment and finance professionals, and other investors.

Industry Context

This filing indicates an institutional investor's increased stake in UniFirst Corp, a company typically operating in the industrial laundry and uniform services sector. Such an investment suggests a belief in the company's fundamentals or potential for strategic improvements within its industry, which is generally stable but can be impacted by economic cycles and labor market trends.

Comparison to Industry Standards

• The filing does not provide specific financial results or operational metrics for UniFirst Corp that would allow for a direct comparison to industry standards or competitors like Cintas Corporation (CTAS) or Aramark (ARMK).
• The investment by River Road Asset Management, a registered investment advisor, is a standard practice for institutional investors seeking to gain exposure to companies they believe are undervalued or have strong growth potential within their respective industries.

Stakeholder Impact

• Shareholders: Potential for increased shareholder value through RRAM's engagement and potential proposals regarding operations, governance, or capitalization. Increased institutional ownership can also lend credibility.
• Management/Board: Potential for increased scrutiny or engagement from a significant shareholder, possibly leading to strategic discussions or changes.

Next Steps

• River Road Asset Management may continue to purchase, hold, vote, trade, dispose, or sell UniFirst stock.
• RRAM may engage in discussions with UniFirst management, directors, other shareholders, or strategic partners regarding operations, governance, capitalization, or board nominees.
• RRAM may propose changes to UniFirst's operations, governance, or capitalization to enhance shareholder value.

Key Dates

Recommendation

River Road Asset Management's acquisition of a 6.1% stake in UniFirst Corp, totaling over $134 million, signals institutional confidence in the company. While the stated purpose is for investment and to enhance shareholder value, with potential engagement on governance and strategy, the filing does not present new fundamental information about UniFirst's performance or outlook that would immediately justify a stronger recommendation. The investor's explicit statement of not seeking control suggests a long-term, value-oriented approach rather than an immediate catalyst for significant price appreciation. Therefore, a 'hold' recommendation is appropriate, awaiting further operational or strategic developments from UniFirst or more aggressive activist intentions from RRAM.

Keywords

UniFirst Corp, UNF, River Road Asset Management, Schedule 13D, Institutional Ownership, Investment Advisor, Shareholder Value, Common Stock, Beneficial Ownership