HOUSTON, TX & WHITESTONE, NY - Sysco and Jetro Restaurant Depot, the nation’s premier Cash & Carry food wholesaler, 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 $21.6 billion in cash proceeds and 91.5 million 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 $29.1 billion, or 14.6x Jetro Restaurant Depot’s Operating Income.¹

Jetro Restaurant Depot is a leading 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 $16 billion in revenue, approximately $2.1 billion in EBITDA, and approximately $1.9 billion in free cash flow, and has maintained a 30-year track record of EBITDA growth.

The Cash & Carry channel is a $60-70 billion addressable market² and is the primary source of supply for many smaller independent restaurants and foodservice operators, providing them everyday low prices, seven days a week, with on-demand access to a full selection of fresh, ambient, and frozen foodservice products, and a convenient in-store shopping experience. Cash & Carry is a growing channel that benefits across economic cycles.

“We’re thrilled to combine two industry leaders to create a preeminent multi-channel foodservice distribution platform,” said Kevin Hourican, Chair of the Board and Chief Executive Officer of Sysco, in the recent release. “Together, Sysco and Jetro Restaurant Depot will enhance value for small independent restaurants and the consumers they serve by expanding access to more affordable, fresh food products and delivering more choice and convenience. Jetro Restaurant Depot will benefit from access to Sysco’s best-in-class foodservice supply chain and logistics capabilities and Sysco will benefit from new ways to serve local customers. The combined company will have increased purchasing efficiencies, enabling lower prices for more customers. Even more importantly, we see a long runway of opening new Jetro Restaurant Depot warehouses, bringing the industry leader in affordability to hundreds of new communities and creating thousands of new jobs. This will allow us to create significant value for our company, our customers, and our shareholders.”

Hourican continued, “Jetro Restaurant Depot is a best-in-class operator with a differentiated value proposition that is highly complementary and synergistic with Sysco. We have high conviction in Jetro Restaurant Depot’s proven model and talented leadership team and look forward to partnering with them to better serve local businesses and restaurants across the country. We are also pleased that Sysco is on track to deliver our 2026 guidance and build on our steady business momentum, including through local performance where we expect to deliver over 3% of local case growth in Q3 2026. I am excited to work with Richard and the talented team at Jetro Restaurant Depot to profitably grow the business.”

“Today’s announcement is an exciting moment for Jetro Restaurant Depot and a clear recognition of the strength of our business model, and the teams who have built it over the past 50 years,” said Stanley Fleishman, Executive Chairman of Jetro Restaurant Depot. “From the start, our focus has been simple and straightforward, in line with the vision of our founder, Nathan Kirsh: to support independent shopkeepers, restaurant owners, and people running independent food businesses who depend on one-stop food service shopping at low prices seven, days a week. Sysco is the best possible partner for our next chapter because they share our growth mindset and bring the systems and national and international supply logistic capabilities to help us grow across the U.S. and beyond. We are extremely excited to be able to offer our full range of low-cost, high-quality, dry and perishable foodservice products to more customers in more markets. We look forward to increasing opportunities for our team, all while staying focused on supporting independent foodservice businesses and the families who run them. Additionally, I look forward to joining Sysco’s Board and have tremendous confidence in the long-term growth potential of the combined company.”

Read the full release here.

^{1 Based on calendar year 2025.
2 Third party consultant market study.}