Sysco Drops $29bn on Jetro… and UBS somehow still misses the call
Another day, another multi-billion dollar deal where literally everyone is on it except UBS.
Sysco pulls off a $29B acquisition of Jetro Restaurant Depot, taps Goldman Sachs and TD Securities… and UBS is once again watching from the sidelines like it’s a live-streamed earnings call. Jetro side was Evercore and JPM for shareholders.
At this point it’s honestly impressive. You could drop a $30B deal in the middle of Zurich and UBS would still somehow not be staffed on it.
Potential hypothetical reasons UBS should have been on the deal (but obviously wasn’t):
• Coverage team still debating if restaurants are “TMT-adjacent”
“People eat while using technology, so technically yes.”
• Pitchbook was 87 slides of Credit Suisse integration synergies
Client just wanted to buy warehouses, not a therapy session.
• Showed up with 25 different model scenarios
“Just tell us what we should do, we don’t have time for all those scenarios.”
• Tried to structure the deal to include a structured note
Sysco just wanted chicken and frozen shrimp, not a callable autocallable.
• Internal approval process required 6 committees and a group chat
Deal closed before UBS finished scheduling the kickoff.
• Accidentally pitched Sysco on selling itself instead
“Have you considered unlocking shareholder value by… not doing this?”
• Still using legacy CS comps from 2021
“At peak multiples this is a great deal.”
It is 2026.
• Couldn’t decide which coverage group owns food distribution
Industrials said no, Consumer said maybe, Tech somehow got looped in.
• MD comp guarantee expires next quarter
Can’t risk wasting time on actual deals.
• Asked if Jetro had exposure to AI
“Do the warehouses use ChatGPT or…?”
Meanwhile TD quietly shows up, does the work, gets paid, and leaves.
UBS strategy remains unchanged:
Add MDs → Miss deals → Post press release about “momentum in the Americas.”
UBS is losermaxxing
Probably a couple long nights for juniors chasing something they had absolutely no shot at.
TD is paradise
TD Cowen is genuinely paradise. Analysts get WLB to travel to Ibiza, Miami etc., get great bonuses, and have the ability to hit hard on 30bn+ deals.
The only thing that sounds like “momentum in the Americas” for ubs is the fact that people still post about them on this forum
Wait has the UBS shitposting evolved into now listing all the deals they're NOT on?
I'm chuckling.
It’s not like you can shitpost about the deals they are on
what an odd post… MS, Citi, Bofa, Barc, DB also not on this along with literally every EB bar EVR
it’s impossible to reason with this site
Reasonable for such amount of heat on UBS
They need to get their shit together before Daddy Sergio finds out
These posts are so dumb
No you are dumb, for thinking these are dumb
Best portco I’ve ever had… amazing biz.
Would have been funnier if you were “Works at Truist”
Don’t remember seeing them in the cap table
UBS specializes in $200 million refinancing. Expecting UBS to handle this kind of deal well is like asking a kid to play in the NBA.
What does UBS have to do with this transaction at all?
Also what a win by LGP. SRS and now this.
The market is booming, but the firm has no deals
Nulla magni ut a veniam. Et qui vero modi. Aut accusamus et laborum rerum officiis ad quidem impedit. Culpa minima ad eos et enim non est. Eos error ut tempora est exercitationem.
Minima quidem voluptatem et quia omnis maxime quidem. Architecto rerum fugit non reprehenderit. Ipsa accusantium pariatur doloribus accusamus facilis.
Sed saepe ullam labore eos autem sed id. Tempora sit aut dolores quae porro.
Quia eaque mollitia maxime cum ea nulla et. Aspernatur non et veniam est. Eveniet voluptate deleniti error voluptatum. Voluptatem est consequuntur quisquam inventore dolorem delectus.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...