Sysco buys Restaurant Depot in $29B deal, Tampa Bay locations included

Sysco will acquire Jetro Restaurant Depot in a $29 billion deal, including debt, expanding the largest U.S. food distributor into the cash-and-carry warehouse segment.

The transaction pairs Sysco’s delivery network serving restaurants, hospitals and hotels with Restaurant Depot’s model, where customers buy in bulk and pay upfront.

Restaurant Depot operates about 166 locations across 35 states and serves more than 725,000 independent restaurants and foodservice operators. The business generated roughly $16 billion in revenue in 2025.

Sysco will finance the deal with about $21 billion in new and hybrid debt, along with $1 billion in cash and equity. Restaurant Depot shareholders will receive $21.6 billion in cash and 91.5 million Sysco shares, representing about a 16% stake in the combined company. Sysco shares fell about 12% following the announcement.

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Restaurant Depot operates multiple locations in the Tampa Bay region, including a warehouse in Tampa at 810 N. 50th Street, a Largo location at 8750 Enterprise Blvd. and a Sarasota site at 1361 W. University Parkway.

The acquisition gives Sysco entry into the cash-and-carry segment, a U.S. market estimated at $60 billion to $70 billion. Restaurant Depot will operate as a standalone business segment after closing, and Sysco expects to open more than 125 additional locations over time.

The deal comes as food distributors pursue scale to manage weaker demand and higher costs. Sysco expects the acquisition to close by the third quarter of fiscal 2027 and to increase earnings per share in the first year after completion.

The company has paused share repurchases and faces credit rating reviews tied to the added debt.