Aramark ARMK → Vestis Corp VSTS
| Parent | Aramark ARMK |
|---|---|
| Spinco | Vestis Corp VSTS |
| Status | Completed |
| Structure | Spin-off A filing states a pro-rata distribution: holders receive shares automatically. |
| Focus | Focus-increasing Parent and spinco operate in different industries — the class the research associates with stronger post-separation returns. |
| Ratio | 1 Vestis share for every 2 Aramark shares |
| Checked against EDGAR | 2026-08-22 |
Data trap
The information statement describes the distribution as covering all shares other than a holding of less than one percent, which reads like a retained parent stake and is not one: those shares went to a donor advised fund for charitable giving, and the completion filing states plainly that Aramark retained no ownership interest. The distribution date was also a Saturday, so the first regular-way session was the following Monday. One further oddity: the spinco's first fiscal year ended the day before it separated, so its first earnings release covered an entirely pre-separation period.
The restated filings have landed; this is kept as history.
Catalyst clock
- 2022-05-10Separation announced
- 2023-08-15Form 10 filed
- 2023-09-06Form 10 last amended
- 2023-09-08Form 10 effective
- 2023-09-20Record date
- 2023-09-27When-issued trading opens
- 2023-09-30Distribution
- 2023-11-29First standalone earnings
- —Index inclusion announced
Performance since separation
| Vestis Corp since separation | -25.40% |
|---|---|
| Aramark over the same window | +138.89% |
| S&P 500 (SPY) over the same window | +79.20% |
| Russell 2000 (IWM) over the same window | +72.32% |
| Excess over the S&P 500 | -104.60% |
| Excess over the Russell 2000 | -97.72% |
Measured from the first regular-way close on or after the distribution — 2023-10-02 at 17.01 — to 2026-08-21 at 12.69. Window: 2.9 years. Two benchmarks, because one is misleading: spin-offs are usually small companies, and across this period small caps lagged the S&P by several points a year on their own. Measured against the S&P alone, roughly a third of any shortfall is company size rather than the separation. Returns are arithmetic over end-of-day closing prices. Unlike every other figure on this page, they do not come from a filing.
Pre-distribution investor return
| Parent, announcement to separation | +0.24% |
|---|---|
| Combined (Aramark + Vestis Corp), pre-distribution to now | +163.93% |
| Combined excess over the S&P 500 | +84.81% |
| Combined excess over the Russell 2000 | +94.21% |
Combined treats a pre-spin holding as 1 Vestis share for every 2 Aramark shares valued at the parent's last close before regular post-spin trading resumed — 2023-09-29 at 25.05 — against that same basket today. That baseline is a practical proxy, not an attempt to isolate exactly how much value the separation transferred: for a large parent and a small spinco, ordinary day-to-day price noise can be bigger than the transfer itself. Run-up measures only the parent's own price, from the announcement date to that same baseline — how far the market had already moved before the separation's mechanics ever happened.
Filings
Every fact on this page comes from one of these.
- 10-12Bfiled 2023-08-15 · 0001628280-23-029559Initial Form 10 registration statement, filed as Epic NewCo Inc.
- 10-12B/Afiled 2023-09-06 · 0001628280-23-031477Final Form 10 amendment
- 8-Kfiled 2023-09-11 · 0001628280-23-031931Form 10 declared effective; final information statement setting the September 20 record date and the September 30 distribution, with regular-way trading from October 2
- 8-Kfiled 2023-10-02 · 0001628280-23-033362Completion: distribution made September 30, 2023; Aramark retained no ownership interest
- 10-Kfiled 2023-12-21 · 0001967649-23-000025First annual report; 131,431,959 shares outstanding
Notes
Aramark's separation of its uniform services business. Left unclassified: the parent files under eating places and the spinco under wholesale nondurable goods, codes that describe a food-service company and a uniform rental company respectively — different industries by any reading, but the codes are too coarse to make the Desai and Jain test meaningful here. Classified focus_increasing: the Form 10 separates food and facilities services from uniform rental and workplace supplies — different products, procurement methods and customer bases by the filing's own 'Reasons for the Separation' language, not the coarse SIC codes. Vestis was levered to fund the split: roughly $1.5 billion of new term debt, about $1.47 billion of which was paid to Aramark, swapping roughly half of Vestis's pre-spin equity for debt.