SCHEDULE: Corvex Management Boosts Vestis Stake to 15%

Corvex Management LP and Keith Meister have increased their beneficial ownership in Vestis Corporation to approximately 15% through recent open market purchases.

Summary

• Corvex Management LP and Keith Meister filed Amendment No. 4 to their Schedule 13D regarding Vestis Corporation.
• Corvex Management LP is deemed the beneficial owner of 19,813,963 Shares, representing approximately 15.0% of Vestis Corporation's outstanding shares.
• Keith A. Meister is deemed the beneficial owner of 19,821,433 Shares, also representing approximately 15.0% of Vestis Corporation's outstanding shares.
• Mr. Meister's beneficial ownership includes 7,470 Shares received upon the vesting of restricted stock units (RSUs) for his board service.
• Additionally, Mr. Meister has been granted 8,734 RSUs and accrued 27.994 RSUs from quarterly dividends on previously awarded RSUs, which have not yet vested.
• The percentage of ownership is calculated based on 131,866,818 Shares outstanding as of November 19, 2025, as reported in Vestis Corporation's Annual Report on Form 10-K.
• Recent transactions include the purchase of 800,222 shares of Common Stock on December 16, 2025, at a weighted average price of $6.81 per share.
• An additional 209,842 shares of Common Stock were purchased on December 17, 2025, at a weighted average price of $6.79 per share.

Sentiment

Score: 7

Explanation: The increased stake by an activist investor like Corvex Management can be viewed positively by the market as it often signals potential for value creation through strategic changes or improved governance. The purchases at current market prices also indicate confidence.

Positives

• The increased stake by Corvex Management, a known activist investor, may signal confidence in Vestis Corporation's future potential or intent to drive value.
• Keith Meister's direct ownership, including vested RSUs from his board service, aligns his interests with those of other shareholders.

Future Outlook

The filing does not contain specific forward-looking statements or guidance from Vestis Corporation. However, the increased stake by Corvex Management, an activist investor, may suggest future engagement regarding the company's strategic direction or operational improvements.

Management Comments

• Corvex Management LP and Keith Meister certify that the information set forth in this statement is true, complete and correct.

Industry Context

This filing reflects an activist investor, Corvex Management, increasing its stake in Vestis Corporation. Such moves often precede calls for strategic changes, operational efficiencies, or board representation, common tactics employed by activist funds across various industries to unlock shareholder value.

Stakeholder Impact

• Shareholders: The increased stake by an activist investor could lead to pressure for strategic changes, potentially impacting share value.
• Management/Board: Corvex's larger stake may lead to increased scrutiny or demands for board representation and strategic shifts.

Next Steps

• Corvex Management LP and Keith Meister undertake to provide full information regarding the number of Shares purchased at each separate price upon request.
• Additional RSUs granted to Mr. Meister will not be settled into Shares until six months following the end of his service on the Issuer's Board.

Key Dates

Recommendation

The increased stake by Corvex Management, a known activist investor, suggests potential for future strategic initiatives or governance changes at Vestis Corporation. While this could be a catalyst for value creation, the immediate impact and specific actions are not yet clear. Investors should hold to observe Corvex's next moves and the company's response.

Keywords

Vestis Corporation, Corvex Management, Keith Meister, Schedule 13D, Beneficial Ownership, Common Stock, Activist Investor, Share Purchases, Restricted Stock Units