Sysco and Jetro Restaurant Depot, the USA’s leading cash and carry foodservice wholesaler, have entered into a definitive agreement in which Houston, Texas-based Sysco will acquire Whitestone, New York-headquartered Jetro. Under terms of the deal, Jetro shareholders will receive $21.6 billion in cash and 91.5 million Sysco shares. Based on Sysco’s closing share price of $81.80 as of March 27, this represents a total enterprise value of approximately $29.1 billion, or 14.6x Jetro’s operating Income.
Jetro Restaurant Depot serves smaller, independent restaurants. Its customer group is complementary to broadline food distributor Sysco’s higher-volume clients. Positioned as a one-stop-shop for chefs and restaurant owners, Jetro operates 166 large-format warehouse stores across 35 states that serve more than 725,000 independent restaurants and foodservice operators with a wide assortment products. For calendar year 2025, the company generated approximately $16 billion in sales, $2.1 billion in EBITDA and $1.9 billion in free cash flow.
“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 its proven model and talented leadership team and look forward to partnering with them to better serve local businesses and restaurants across the country,” said Sysco chairman and chief executive officer. Kevin Hourican.
“This is an exciting moment for us and a clear recognition of the strength of our business model, and the teams who have built it over the past 50 years,” added Stanley Fleishman, executive chairman of Jetro Restaurant Depot.
