Sysco to acquire Jetro Restaurant Depot for total enterprise value of $29.1B

Sysco (SYY) and Jetro Restaurant Depot jointly announced that they have entered into a definitive agreement under which Sysco will acquire Jetro Restaurant Depot in a transformative transaction that allows Sysco to enter the high-margin, growing, and resilient Cash & Carry channel. Under the terms of the agreement, Jetro Restaurant Depot shareholders will receive $21.6B in cash proceeds and 91.5M Sysco shares. Based on Sysco’s closing share price of $81.80 as of March 27, 2026, this represents a total enterprise value of approximately $29.1B, or 14.6x Jetro Restaurant Depot’s Operating Income. Jetro Restaurant Depot is a U.S. wholesale Cash & Carry foodservice provider serving smaller, independent restaurants and businesses seeking high-quality food at low prices. Jetro Restaurant Depot’s customer group is complementary to Sysco’s higher-volume customers seeking delivery and white glove service. A purpose-built one-stop-shop model for chefs and restaurant owners, Jetro Restaurant Depot operates 166 large-format warehouse stores across 35 states that serve more than 725,000 independent restaurants and foodservice operators with a broad assortment of fresh and low-priced products. For calendar year 2025, Jetro Restaurant Depot generated approximately $16B in revenue, approximately $2.1B in EBITDA, and approximately $1.9B in free cash flow, and has maintained a 30-year track record of EBITDA growth. Sysco expects the transaction to be mid to high single-digit accretive to earnings per share in the first year following close, and low to mid-teens accretive in the second year following close. Sysco is committed to maintaining a strong balance sheet, its current investment grade credit ratings, and its dividend, with significant financial flexibility to continue to invest for future growth. The transaction has also been unanimously approved by the Board of Directors of Sysco and the Board of Directors of Jetro Restaurant Depot. The transaction is expected to close by the third quarter of Sysco’s fiscal 2027, subject to the satisfaction of customary closing conditions, including receipt of regulatory approvals.