Another South African billionaire moves to divest – this time for $29 billion

Much like fellow South African billionaire Johann Rupert, who divested from Swiss watchmaker Baume & Mercier earlier this year, Nathan Kirsh is currently seeking to sell Restaurant Depot LLC, one of his most significant assets, for an estimated $29 billion.

At the center of this deal is Sysco Corp., a large US food distributor, which is close to sealing the deal, as seen in a report by the Wall Street Journal.

After pioneering what is now known as the cash-and-carry business model, which lets small-restaurant owners and other independent businesses pick up food supplies from any of his warehouses at any time, the South African billionaire founded Restaurant Depot.

Nathan Kirsh founded the company in 1976 under the name Jetro Cash & Carry and developed it into a well-known brand that controls the restaurant supply industry. With 166 locations in 35 states, Restaurant Depot brought in almost $16 billion last year.

“It took us years to understand that it wasn’t us that had to learn how to run our business, it was our customer who had to change to take the benefits he could get from our business,” he said, in his 2011 talk, about the early years.

Following a period of gradual growth, the acquisition of Restaurant Depot was completed in 1994, a firm specifically designed to serve independent dining establishments.

Subsequently, both brands operated as subsidiary entities under Jetro Holdings, establishing a national network of warehouse facilities dedicated to supporting small-scale food enterprises.

The organization eventually evolved into one of the preeminent cash-and-carry distributors within the United States, providing essential services to food retailers, independent restaurants, and professional caterers.

In January 2026, Johann Rupert’s Richemont Group sold Swiss watchmaker Baume & Mercier, one of the world’s oldest continuously operating luxury timepiece brands, to the esteemed Italian family-owned luxury jewelry company, Damiani Group.

Although the financial details have not been made public, the transaction is expected to be completed by summer 2026, subject to regulatory and customary requirements.

The rationale for this sale, which was divested at an average price of R93.87 per share, according to the company, is to bolster its strategic cash reserves and its capital allocation framework.