Billionaire Nathan Kirsh to Net $10 Billion as Sysco Acquires Jetro Restaurant Depot for $29.1 Billion

South African-born billionaire Nathan Kirsh's fortune hits $17.1 billion as Sysco announces a $29.1 billion acquisition of his wholesale food giant, Jetro Restaurant Depot.

By: AXL Media

Published: Apr 4, 2026, 10:27 AM EDT

Source: Information for this report was sourced from Forbes.

A Landmark Exit for a Reclusive Industry Titan

Nathan "Natie" Kirsh, the low-profile founder of Jetro Restaurant Depot, has reached an agreement to sell his wholesale food empire to Sysco in a deal valued at $29.1 billion. Announced on April 3, 2026, the transaction is expected to close by early 2027 and includes a massive cash payment of $21.6 billion along with 91.5 million Sysco shares. Kirsh, who owns approximately 75% of Jetro through a holding company, stands to personally receive roughly $16 billion in cash and $5.8 billion in equity, significantly revaluing a stake previously estimated by analysts at $5 billion.

The Financial Mechanics and Tax Implications

The final payout for Kirsh depends heavily on international tax structures and regulatory outcomes. While Kirsh resides in Eswatini—a nation that does not tax foreign capital gains—the deal involves 166 U.S.-based warehouses. This real estate component may trigger the Foreign Investment in Real Property Tax Act (FIRPTA), which treats such sales as taxable land transactions for non-residents. Consequently, Forbes has applied a conservative estimate to his net worth, placing it at $17.1 billion after accounting for potential top-rate capital gains taxes, moving him to 159th on the global wealth rankings.

From South Africa to a U.S. Wholesale Empire

Kirsh’s journey began in 1958 with a $2,000 inheritance used to start a corn milling business in Eswatini. After a volatile period in South African real estate during the 1970s, he pivoted to the United States, founding Jetro in Brooklyn in 1976. By acquiring competitor Restaurant Depot in 1994, Kirsh built a "best-in-class" operator that focused exclusively on independent restaurant owners. Unlike consumer-facing wholesalers, Jetro maintained a strictly business-only membership model, resulting in a remarkable 30-year streak of consecutive EBITDA growth through multiple global financial crises.