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  "documentTitle": "Cintas Corp. (CTAS)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2019-11-13 00:00:00",
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  "pageNumber": 6,
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  "notes": "The slide uses a strong 'villain' narrative regarding the G&K acquisition and management's financial reporting.",
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      "kind": "callout",
      "text": "Core Uniform Business Under Pressure Post Levered $2.1bn G&K Acquisition In 2017",
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      "text": "We Believe Cintas Overpaid For G&K, Is Struggling To Integrate It, And Spinning A Weak “Beat And Raise” Story",
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      "text": "To consolidate share and extract synergies, Cintas acquired G&K Services in 2017 for $2.1bn with new debt...",
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      "text": "downside risk: 60% - 75%",
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      "kind": "paragraph",
      "text": "Based on a new public FOIA and our research, we believe Cintas’ Fire Protection Services business has committed fraud...",
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      "text": "Spruce Point Estimates 60% – 75% Downside Risk ($69 - $107/sh) At Cintas Corp. (NYSE: CTAS)",
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