Sysco's $29.1 Billion Restaurant Depot Deal Puts 725,000 Independent Restaurants Under a Distributor That Doesn't Compete on Price

Sysco's $29.1 billion acquisition of Restaurant Depot puts 725,000 independent restaurants under a distributor that competes on service, not price, and leads in processed food.

Sysco's $29.1 Billion Restaurant Depot Deal Puts 725,000 Independent Restaurants Under a Distributor That Doesn't Compete on Price Sysco's $29.1 billion acquisition of Restaurant Depot puts 725,000 independent restaurants under a distributor that competes on service, not price, and leads in processed food. Aaron Rafferty April 04, 2026 Key Takeaways: Sysco announced a $29.1 billion acquisition of Jetro Restaurant Depot, putting 725,000 independent restaurants under the largest U.S. food distributor, one that CEO Kevin Hourican described as a "white glove consultative service" that does not compete on price. Restaurant Depot customers currently save 15-20% versus delivered pricing by picking up their own inventory. Sysco's $250 million in planned synergies come from "SKU harmonization," which risks pushing Sysco's processed broadline products into Restaurant Depot's assortment. Sysco shares dropped 12% on the announcement as the company took on $21 billion in new debt, pushing leverage to 4.5x with a 24-month deleveraging plan. Sysco announced a $29.1 billion acquisition of Jetro Restaurant Depot on March 30, combining the largest U.S. foodservice distributor with the largest cash-and-carry wholesaler serving independent restaurants. Restaurant Depot shareholders will receive $21.6 billion in cash and 91.5 million Sysco shares, giving them roughly 16% of the combined company. The deal puts 725,000 independent restaurants and foodservice operators under a company that has explicitly positioned itself as a service provider, not a price competitor. On the conference call , CEO Kevin Hourican described Sysco's model as a "white glove consultative service" built around delivery, ordering, and higher-touch relationships. Restaurant Depot's model