On 30 March 2026, the global foodservice landscape shifted with the announcement that the NYSE-listed Sysco (SYY) will be acquiring Jetro Restaurant Depot LLC, for an enterprise value of approximately $29.1 billion. This valuation represents a 14x multiple of Jetro’s operating income. While both entities are based in the United States, the transaction is significant from a South African M&A perspective, because Jetro was founded and built by South African billionaire Nathan ‘Natie’ Kirsh. The deal represents the international expansion and eventual institutional acquisition of a cash-and-carry business model originally established in South Africa.
South African Roots
Nathan Kirsh, 94, was raised in Potchefstroom and began his commercial career in his 20s, using a £1,200 inheritance from his father to launch a corn milling and malt business. Under apartheid, formal retail was concentrated in white urban areas, while white-owned companies were restricted from operating in black townships. Kirsh identified a market gap created by these regulatory restrictions. He subsequently expanded into food distribution during the 1960s and 1970s, building a wholesale network that supplied independent traders in underserved areas. Upon exiting South Africa, Kirsh retained control of a small U.S.-based business called Jetro. Recognising that American independent restaurateurs faced similar supply chain hurdles as the traders he served in South Africa, he applied his proven model, acquired Restaurant Depot and turned it into the multi-billion-dollar empire that it is today.
Jetro Restaurant Depot
Founded by Kirsh in 1976, Jetro Restaurant Depot is now the biggest wholesale provider for independent foodservice operators in the United States of America, serving over 725,000 independent restaurants and grocery retailers across 166 large-format warehouse stores in 35 states. As a purpose-built one-stop shop designed for chefs and small business owners requiring flexibility and immediate stock, the company offers fresh and low-priced products, seven days a week. This model has proven exceptionally robust, with Jetro generating a staggering $16 billion in revenue, with a $2.1 billion EBITDA during the 2025 calendar year.
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