Natie Kirsh enters top 200 richest after $29 billion sale

Swazi and South African businessman and philanthropist Natie Kirsh, Africa’s oldest billionaire at 94, has entered the ranks of the world’s 200 richest individuals following the $29.1 billion sale of his U.S. wholesale grocery businesses, Jetro Cash & Carry and Restaurant Depot, to Sysco Corp., the American food-service giant.

The deal, which includes outstanding debt, has propelled Kirsh’s net worth to $15 billion, according to the Bloomberg Billionaires Index, an increase of $5.29 billion from $9.87 billion reported on March 30. The transaction positions Kirsh as the 191st richest person globally. He ranks just below South African luxury magnate Johann Rupert, whose net worth is $16.3 billion, and above fellow billionaire Nicky Oppenheimer, whose fortune stands at $12.9 billion.

Johann Rupert, chairman of Richemont and Remgro Limited.

Forbes values Kirsh at $6.9 billion

Estimates differ across sources: Forbes’ real-time billionaire tracker currently values Kirsh at $6.9 billion, down $5 million from previous assessments, placing him 551st on their ranking. Kirsh controls Jetro Restaurant Depot LLC, which operates 166 warehouse-style stores in 35 U.S. states, serving roughly 725,000 smaller restaurants and food-service operators. The company generated $16 billion in revenue in 2025, according to a March 30 press release.

The sale to Sysco, which values Jetro at more than 14 times its operating income, will keep Jetro operating as a standalone segment under President Richard Kirschner at its Whitestone, New York, headquarters. Under the deal, Jetro shareholders will receive $21.6 billion in cash and 91.5 million Sysco shares, representing a 16 percent stake in the publicly traded company.

Sysco Corp delivery truck transporting food products in the United States.

Jetro acquisition backed by $21 billion debt

Sysco plans to fund the acquisition with $1 billion in cash on hand and $21 billion in new debt and hybrid instruments. Jetro carried about $5 billion in debt at the time of the deal, based on its 2025 earnings before interest, taxes, depreciation, and amortization (EBITDA) of $2.1 billion and comparable multiples from peers Kroger, Metro, and Loblaw Companies.

The sale reinforces Kirsh’s position in the U.S. food-service market and underscores his investment approach and cross-border holdings. He holds a 52 percent stake after adjustments reflecting a 2019 $750 million investment by Mexican conglomerate FEMSA S.A.B. de C.V., highlighting the size and reach of his portfolio across multiple markets.