Sysco details $16B Restaurant Depot acquisition, projects 45% EBITDA boost and 4.5x leverage

Filed May 18, 2026 · Period ending May 18, 2026 · ~1 min read

Key Changes

• high

  Combined entity projects 45% higher adjusted EBITDA and 55% higher free cash flow versus standalone Sysco, with pro forma EBITDA margin reaching 6.7% including $250M in annual cost synergies.

  Exhibit 99.1 verify on EDGAR →
• high

  Acquisition will push net debt to 4.5x EBITDA at close (from current 2.80x); management commits to deleveraging to 2.75x within two years through synergies and cash flow, with no large M&A until target reached.

  Exhibit 99.1 verify on EDGAR →
• high

  Restaurant Depot generated ~$16B revenue and ~$2.1B adjusted EBITDA in fiscal 2025 with 90%+ free cash flow conversion, operating 167 locations serving 725,000 local customers.

  Exhibit 99.1 verify on EDGAR →