Sysco agreed on 30 March to acquire Jetro Restaurant Depot, the largest US cash-and-carry food wholesaler, in a cash-and-share transaction valuing the business at about $29.1bn including debt.
Why Sysco Corporation is buying Jetro Restaurant Depot
Sysco said the deal takes it into the cash-and-carry channel, which it put at $60bn to $70bn of annual sales, and gives it a route to independent operators who collect their own supplies. Jetro serves more than 725,000 restaurants and foodservice businesses and generated about $16bn of revenue and $2.1bn of EBITDA in 2025. Sysco expects mid-to-high single-digit earnings-per-share accretion in the first year after closing and plans more than 125 new Jetro warehouses over time.
Deal terms and financing
Jetro's equityholders will receive $21.6bn in cash, subject to adjustments, and 91.5m shares in a new Sysco holding company, about 16% of the combined group. Sysco plans to fund the cash with about $21bn of new debt and hybrid instruments plus around $1bn from cash or equity, and has paused share buybacks to reduce leverage. Jetro will run as a standalone segment led by Richard Kirschner, and Stanley Fleishman and Sir Bradley Fried will join Sysco's board.
Regulatory approvals and timing
Completion needs clearance under the Hart-Scott-Rodino Act. The FTC issued a second request, which extends the waiting period until 30 days after both companies have substantially complied, and the deal remained under review in October 2026. If the merger is terminated because antitrust approval cannot be obtained, Sysco may owe a $1.164bn fee. The parties target completion by the third quarter of Sysco's 2027 financial year, with an outside date of 30 September 2027.
Market context
The deal is the largest acquisition in Sysco's history. Jetro's leadership and its headquarters in Whitestone, New York, are expected to stay in place, and the companies said they do not anticipate job cuts. Sysco raised part of the financing in October 2026 through junior subordinated notes issued by its new holding company.
