Sysco to Acquire Restaurant Depot in $29 Billion Deal

Merger will expand Sysco's reach into high-margin cash-and-carry wholesale market.

Mar. 30, 2026 at 4:38pm

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Sysco, the nation's largest food distributor, has announced plans to acquire Restaurant Depot, a leading cash-and-carry wholesaler, in a deal valued at over $29 billion. The acquisition would create a tighter link between Sysco and its restaurant, hospital, and school customers who rely on Restaurant Depot's warehouses for quick access to supplies.

Why it matters

The deal represents Sysco's strategic move to expand into the fast-growing and high-margin cash-and-carry wholesale segment, where Restaurant Depot has become the nation's largest player. This merger will likely lead to more restaurants and other businesses increasingly relying on Sysco for their day-to-day supply needs.

The details

Under the terms of the agreement, Restaurant Depot 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, 2026, the deal has an enterprise value of about $29.1 billion. Restaurant Depot was founded in Brooklyn in 1976 as Jetro Restaurant Depot and has since become the nation's largest cash-and-carry wholesaler.

  • Sysco and Restaurant Depot's boards have approved the acquisition.
  • The deal still needs regulatory approval before it can be finalized.

The players

Sysco

The nation's largest food distributor, serving more than 700,000 restaurants, hospitals, schools, and hotels.

Restaurant Depot

A leading cash-and-carry wholesaler that provides memberships to mom-and-pop restaurants and other businesses, giving them access to warehouses stocked with supplies.

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What’s next

The deal still needs to receive regulatory approval before it can be finalized.

The takeaway

Sysco's acquisition of Restaurant Depot represents a strategic move to expand its reach into the high-margin cash-and-carry wholesale market, where Restaurant Depot has become the dominant player. This merger is expected to strengthen Sysco's position as a one-stop-shop for restaurants, hospitals, and other institutions seeking efficient access to the supplies they need.