Vestis shares up after report of buyout interest

Investing.com — Shares of Vestis Corp (NYSE:VSTS) were up 1.2% to $16.50 on Tuesday following a Reuters report that Advent International and Apollo Global Management (NYSE:APO) are among the private equity firms exploring a potential acquisition of the uniform supplier.

According to the report, Roswell, Georgia-based Vestis has engaged financial advisers to assess interest from potential buyers. The process began after the company received an acquisition offer from French competitor Elis SA.

Vestis became an attractive target after it lowered its fiscal-year earnings and revenue forecasts in May, triggering a sharp decline in its stock price. Subsequently, activist investor Corvex Management, led by hedge fund veteran Keith Meister, acquired a stake in the company and secured Meister a position on Vestis’s board of directors in June.