D.E. Shaw owns more than $1 billion stake in Sysco, sources say
SYY•D.E. Shaw on the partnership
"As long-term shareholders, we are excited to partner with Sysco in support of its AI transformation and confident in the value creation opportunities ahead, including the Restaurant Depot acquisition," D.E. Shaw managing director Michael O'Mary said in a statement.
The firm is also expected to help raise capital to finance Sysco's planned acquisition of Jetro Restaurant Depot.
Activism in food distribution
Food distribution companies have caught the attention of activist hedge funds in recent years, with Sachem Head Capital Management pushing Performance Food Group last year to consider merging with rival US Foods Holding Corp.
D.E. Shaw, which invests some $100 billion in assets on behalf of clients, describes itself as an investment and technology development firm. The firm has occasionally pushed for changes at companies including gases and chemicals company Air Products, bitcoin miner Riot Platforms, data analytics provider Verisk and transportation company FedEx.
