SYY · 10-K · 2026A · Full report

Restaurant Depot Acquisition

SYSCO CORP · 2026-08-21 · Importance 71 · Surprise 60 · In source text

In March 2026, Sysco announced an agreement to acquire Jetro Restaurant Depot, a U.S. wholesale cash-and-carry foodservice provider with 167 warehouse stores across 35 states and more than 725,000 independent restaurant and foodservice operator customers. The transaction is expected to close by the third quarter of Sysco fiscal 2027, subject to customary closing conditions, including regulatory clearance under the Hart-Scott-Rodino Act. Sysco said the cash portion is expected to be financed through a combination of new senior unsecured notes, hybrid debt, cash on hand, and equity or equity-linked securities; it secured a $22 billion bridge commitment, later reduced to $19 billion after entering into a $3 billion delayed-draw term loan facility.

Key facts

• On March 30, 2026, Sysco committed to a $22 billion senior unsecured 364-day bridge loan facility to fund the cash portion and related fees and expenses of the planned Jetro Restaurant Depot acquisition. source
• Sysco subsequently entered a $3 billion senior unsecured delayed-draw term loan facility, with a $1.25 billion 364-day tranche and a $1.75 billion two-year tranche, reducing bridge loan commitments from $22 billion to $19 billion. source
• In March 2026, Sysco announced an agreement to acquire Jetro Restaurant Depot, a U.S. wholesale cash-and-carry foodservice provider serving smaller independent restaurants and businesses. source
• The Jetro Restaurant Depot transaction was expected to close by the third quarter of Sysco fiscal 2027, subject to customary closing conditions including Hart-Scott-Rodino regulatory clearance. source
• Fiscal 2026 included amortization expense associated with a bridge loan facility and a loss on deal contingent rate lock transactions, both related to the planned Jetro Restaurant Depot acquisition. source
• Sysco expects increased acquisition-related operating expenses in fiscal 2027 for the Jetro Restaurant Depot acquisition. source
• Jetro Restaurant Depot operates 167 warehouse stores across 35 states and serves more than 725,000 independent restaurants and foodservice operators. source
• While the Transactions are pending, business uncertainties and contractual restrictions could affect Sysco and Jetro Restaurant Depot, including employees, customers, suppliers, and other business relationships. source

Impact estimates