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

River Road Asset Management, an SEC-registered investment advisor, has increased its beneficial ownership in UniFirst Corp to 6.1% for investment purposes.

Summary

• River Road Asset Management, LLC (RRAM) has filed an Amendment No. 1 to Schedule 13D, disclosing its beneficial ownership in UNIFIRST CORP.
• RRAM beneficially owns 881,303 shares of UniFirst Corp's Common Stock, representing 6.1% of the outstanding shares as of October 22, 2025.
• The total amount of funds used for purchasing the stock was $134,947,269.25, sourced from RRAM client funds.
• The acquisition was made for investment purposes in the ordinary course of business.
• RRAM may engage in discussions with UniFirst's management, directors, and other shareholders regarding matters such as board nominees, operations, governance, and capitalization to enhance shareholder value.
• RRAM explicitly states it does not intend to seek control of UniFirst or participate in its day-to-day management.
• Transactions between September 15, 2025, and November 12, 2025, show a mix of purchases and sales, with a net increase in holdings.

Sentiment

Score: 7

Explanation: The filing indicates a significant and active investment by River Road Asset Management in UniFirst Corp, suggesting confidence in the company's value. While RRAM states it does not seek control, its intent to engage on governance and strategy could be a catalyst for positive change, which is generally viewed favorably by investors.

Positives

• River Road Asset Management has increased its beneficial ownership in UniFirst Corp to 6.1%, indicating a significant investment conviction.
• The investment is for "investment purposes in the ordinary course of business," suggesting a long-term view rather than short-term speculation.
• RRAM's stated intent to discuss matters like board nominees, operations, and governance could lead to enhanced shareholder value.

Negatives

• The filing does not contain any explicitly negative information regarding UniFirst Corp.
• RRAM's stated intent to discuss governance and board nominees, while potentially positive, could also signal future activist pressure if their suggestions are not adopted.

Risks

• RRAM's potential discussions with management or other shareholders regarding operations, governance, or capitalization could lead to strategic shifts or disagreements.
• The Filer may materially modify their ownership of the Stock based on changes in share price, Issuer's operations, management structure, business strategy, or other factors, which could impact stock liquidity or price.

Future Outlook

River Road Asset Management intends to hold its investment in UniFirst Corp for investment purposes in the ordinary course of business. It may adjust its holdings based on changes in the stock price, UniFirst's operations, management, business strategy, growth prospects, liquidity, capital allocation, or potential mergers/sales. RRAM also plans to engage in discussions with UniFirst's management, directors, and other shareholders regarding matters such as board nominees, operations, governance, and capitalization to enhance shareholder value, but explicitly states it does not intend to seek control or participate in day-to-day management.

Management Comments

• "The Stock was acquired for investment purposes in the ordinary course of business."
• "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."
• "The Filer does not intend to seek control of the Issuer or participate in the day-to-day management of the Issuer."

Industry Context

This filing reflects an institutional investment manager increasing its stake in a publicly traded company. Such filings are common in the investment landscape, indicating a fund's conviction in a company's long-term prospects or a belief that the company is undervalued. The stated intent to engage with management on governance and strategy is typical for active institutional investors seeking to influence positive change and enhance shareholder value, without necessarily pursuing a full activist campaign for control.

Corporate Governance

Legal Proceedings

• During the last five years, neither River Road Asset Management nor its executive officers and directors have been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors).
• During the last five years, neither River Road Asset Management nor its executive officers and directors were a party to a civil proceeding of a judicial or administrative body that resulted in a judgment, decree, or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws.

Stakeholder Impact

• Shareholders: Potential for enhanced shareholder value through RRAM's engagement on governance and strategy. Increased institutional ownership can also lend credibility.
• Management/Board: May face increased scrutiny and engagement from a significant shareholder regarding strategic decisions and corporate governance.

Next Steps

• River Road Asset Management may continue to purchase, hold, vote, trade, dispose, or sell UniFirst Corp stock for the benefit of its clients.
• RRAM may engage in discussions with UniFirst's management, directors, other shareholders, and investment professionals regarding the company's operations, governance, capitalization, and strategic direction.
• RRAM may propose changes in UniFirst's operations, governance, or capitalization to enhance shareholder value.

Key Dates

Recommendation

The filing indicates a significant institutional investor has increased its stake and intends to engage with management on governance and strategy. This suggests a belief in the company's underlying value and potential for improvement. However, without specific details on the proposed changes or UniFirst's current performance, a "hold" recommendation is appropriate. Investors should monitor future developments regarding RRAM's engagement and UniFirst's response, as well as the company's financial performance, before making a more definitive "buy" or "sell" decision. The increased stake and potential for active engagement are positive signals, but not yet a strong catalyst for immediate price appreciation.

Keywords

UNIFIRST CORP, River Road Asset Management, Schedule 13D, Beneficial Ownership, Investment Advisor, Common Stock, Shareholder Value, Corporate Governance, Institutional Ownership