Sysco targets $250M annual synergies in Restaurant Depot acquisition; pro forma EBITDA +45%

SYSCO CORP

• Deal to add ~$16B revenue; pro forma revenue +20%, Adj. EBITDA +45%, FCF +55%.
• Year 1 EPS accretion mid-to-high single digit; Year 2 low-to-mid teens.
• Net leverage to start at 4.5x, targeting 2.75x within 24 months via debt reduction.
• Plans 125+ net new U.S. locations over two decades; 80% of stores are owned.
• $250M annualized net cost synergies; additional upside beyond that figure.