Nathan Kirsh To Be Richer Than Johann Rupert After Sale of Jetro Restaurant Depot
- South African entrepreneur giant Nathan Kirsh’s sale of his United States business has made him richer than Johann Rupert
- Jetro, a company he formed in 1976 while his South African empire crumbled, is now worth billions
- The successful sale of the cash-and-carry for restaurants and food retailers meant that the shareholders benefited significantly
With three years’ experience, Tebogo Mokwena, affiliated with Briefly News, provided insights into businesses, governance dynamics, and policy implications for small businesses in South Africa at Vutivi Business News.
Source: UGC
UNITED STATES— South African billionaire Nathan Kirsh sold his United States-based Jetro Restaurant Depot business, and this has catapulted him above fellow-billionaire Johann Rupert as his net worth soars.
According to Daily Investor, Kirsh sold the business for $29.1 billion (R500 million). Kirsh and other shareholders, which also include family members, are set to receive $21.6 billion (R362.8 billion) in cash and over 90 million shares in Sysco, the company that purchased Jetro.
How much will Kirsh make?
Kirsh is expected to walk away with an amount of money that will make him richer than Rupert. Kirsh controlled 70% of Jetro under his own name. It’s estimated that he could receive a staggering $20.3 billion (R340.8 billion) and Sysco shares from the sale. Rupert is estimated to be worth R236.4 billion according to Forbes.
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Kirsh: from business failure to US success
Kirsh’s rise to success was built on the lessons of failure. He established Jetro in 1976, a time when Kirsh made millions from Metro Cash & Carry in South Africa. He also controlled 12% of all consumer goods and purchased Dion, Checkers, Russell’s, and Union Wine. However, he lost his extensive business portfolio thanks to a bad deal between him and Sanlam.
Sanlam held control over the company’s capital increases, and Kirsh sold the business for a fraction of its worth and poured his energy into Jetro. His knowledge of the cash-and-carry model ensured that the business became a success, with 166 warehouse stores across 35 states in America.
Netizens weigh in
Comments from social media users ranged from a broader critique of the wealthy to praise and admiration.
Gracydc said:
“If he wants, he can spend time at Costco, Wallmart or the mall while enjoying retirement.”
Braimah Momoh Jimoh was impressed.
“That’s a remarkable milestone, building a food empire quietly and then exiting at 94 with a $29B deal is the kind of legacy most people only dream of. It really shows the power of patience, discipline, and long-term vision.”
David R Lopez said:
“Maybe he eats a bit well for his age. So he could save more money.”
Sovereign Economy was not pleased.
“This is part of why we need people to be forcibly retired from primary job roles and mandatory employment for everyone under that age. The greed of the elderly cannot be allowed to limit the ambition of the youth.”
3 Briefly News articles about billionaires
- South African-born multi-billionaire Elon Musk’s wealth surpassed South Africa’s GDP after the November 2024 elections in the United States, as his net worth increased.
- Rupert’s Remgro announced structural changes to Mediclinic, which the company acquired in 2023. The decision will result in Remgro and MSC taking full ownership of Mediclinic in Southern Africa.
- Three South African entrepreneurs became billionaires after they successfully sold their tech business to Mastercard. The sale of stablecoin company BVNK for R30 billion happened after more than a decade of its inception.
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Source: Briefly News
