40 Trillion Won Food Ingredient Mega Deal: U.S. Retail Giant Expands into Warehouse Wholesale Market

Sysco Corporation (NYSE: SYY) outlined its plan to acquire Jetro Restaurant Depot and establish New Slider Holdco, Inc. at an investor event on May 18. The company projects at least $250 million in cost and revenue synergies (about KRW 300 billion), along with strategies to reduce debt and improve cash flow and margins.

In its fiscal 2026 third quarter, which ended March 28, Sysco reported roughly 5 percent year-over-year sales growth. U.S. GAAP operating income and net income declined, but non-GAAP earnings and free cash flow remained strong. The company reaffirmed its confidence in reaching the top end of its full-year adjusted EPS guidance.

The Jetro acquisition is targeted to close in the third quarter of fiscal 2027, though timing may shift depending on regulatory approvals and other closing conditions. Under the proposed terms, Sysco would acquire Jetro Restaurant Depot for an enterprise value of about $29.1 billion (approximately KRW 40 trillion), financing the deal with significant new debt and cash.

After the acquisition announcement led to share volatility and concerns over leverage, Sysco secured a new $3 billion revolving credit facility expandable to $4 billion. CEO Kevin Hourican also pledged that Restaurant Depot stores would not raise prices, seeking to reassure independent restaurant customers.

Sysco is the world’s largest foodservice distributor, supplying ingredients and related products to restaurants, foodservice operators, hospitals, schools and other institutions across North America and Europe. This transaction reflects a broader U.S. industry trend toward strengthening positions in the high-growth, higher-margin cash-and-carry warehouse wholesale channel, which primarily serves independent restaurants and small businesses.