공시 • Mar 30
Sysco Corporation (NYSE:SYY) entered into a definitive agreement to acquire Jetro Cash & Carry LLC from Leonard Green & Partners, L.P., Abu Dhabi Investment Authority, Platinum Falcon B 2018 Rsc Ltd, Ki Atlantic Holdings Limited, a family and others for $29.1 billion.
Sysco Corporation (NYSE:SYY) entered into a definitive agreement to acquire Jetro Cash & Carry LLC from Leonard Green & Partners, L.P., Abu Dhabi Investment Authority, Platinum Falcon B 2018 Rsc Ltd, Ki Atlantic Holdings Limited, a family and others for $29.1 billion on March 30, 2026. Under the terms of the agreement, Jetro Restaurant Depot shareholders will receive $21.6 billion in cash proceeds and 91.5 million Sysco shares. Upon closing, Sysco will issue approximately 19.1% of its outstanding shares to Jetro Restaurant Depot shareholders, who are expected to own approximately 16% of Sysco’s outstanding common stock. Upon closing of the transaction, Jetro Restaurant Depot will operate as a standalone business segment within Sysco. Sysco plans to fund the cash portion of the transaction with $21 billion of new debt and hybrid debt, and $1 billion of cash on hand, equity, or equity-linked securities. In case of termination, Sysco will pay $1.164 billion.
The transaction reflects TEV/EBIT multiple of 14.6x. For calendar year 2025, Jetro Restaurant Depot generated approximately $16 billion in revenue, approximately $2.1 billion in EBITDA. Jetro Restaurant Depot’s leadership team is expected to remain in place under Richard Kirschner, who will report to Hourican. Jetro Restaurant Depot will maintain its headquarters in Whitestone, New York. In addition, two of Jetro Restaurant Depot’s current directors, Sir Bradley Fried and Stanley Fleishman, will join the Sysco Board of Directors as the companies move forward together.
The transaction is subject to approval of merger agreement by target board, approval by regulatory board / committee and approval of offer by acquirer board, HSR act approval, Effectiveness of registration statement, listing approval. The deal has been unanimously approved by the board. The transaction is expected to close by the third quarter of Sysco’s fiscal 2027. Sysco expects the transaction to be mid to high single-digit accretive to earnings per share in the first year following close, and low to mid-teens accretive in the second year following close.
Goldman Sachs & Co. LLC acted as financial advisor for Sysco Corporation. TD Securities, Inc. acted as financial advisor for Sysco Corporation. James E. Langston and Andrew D. Krause of Paul, Weiss, Rifkind, Wharton & Garrison LLP acted as legal advisor for Sysco Corporation. Jones Day acted as legal advisor for Sysco Corporation. Evercore Group L.L.C. acted as financial advisor for Jetro Cash & Carry LLC. Andrew J. Nussbaum, Victor Goldfeld and Kyle M. Diamond of Wachtell, Lipton, Rosen & Katz LLP acted as legal advisor for Jetro Cash & Carry LLC. Macfarlanes LLP acted as legal advisor for Jetro Cash & Carry LLC. J.P. Morgan Securities LLC acted as financial advisor for major shareholders of Jetro Restaurant Depot, including Leonard Green & Partners, L.P. Latham & Watkins LLP acted as legal advisor for Leonard Green & Partners, L.P. Edelman Smithfield is serving as strategic communications advisor to Sysco. Foxcroft Strategy Group LLC is serving as strategic communications advisor to Jetro Restaurant Depot.