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<\/a><\/figure>\n\n\n\nHowever, Kirsh\u2019s dominance in South Africa did not last. Political instability, economic pressure and township unrest increasingly affected his businesses in the 1980s.<\/p>\n\n\n\n
To fund further growth, he partnered with insurer Sanlam and its executive, Fred du Plessis, to form the holding company Sanki in 1984, with Kirsh owning 51% and Sanlam 49%.<\/p>\n\n\n\n
The deal later proved costly. A clause relating to capital increases ultimately allowed Sanlam to gain control, costing Kirsh the empire he had built.<\/p>\n\n\n\n
\u201cI lost my fortune and the stature that came with controlling the country\u2019s largest trading operation, employing more than 40,000 people,\u201d Kirsh said in an interview with Leader<\/a>. <\/p>\n\n\n\n After losing control of his South African business interests, Kirsh relocated to New York, where he focused on expanding his American operations.<\/p>\n\n\n\n He had already launched Jetro Cash & Carry in 1976, targeting small independent retailers such as bodegas.<\/p>\n\n\n\n The model replicated what he did in South Africa, where customers visited warehouses, selected stock themselves, paid upfront, and transported the goods back to their stores.<\/p>\n\n\n\n This was a different approach from full-service distributors such as Sysco, which relied on sales representatives, delivery networks and credit.<\/p>\n\n\n\n By cutting out delivery costs and credit risk, Jetro was able to sell products at prices reportedly around 20% lower than competitors.<\/p>\n\n\n\n The model gained traction. By the early 1990s, Jetro had expanded to 10 outlets across the United States and was generating over $400 million in annual revenue.<\/p>\n\n\n\n Kirsh later acquired Restaurant Depot, broadening the business beyond convenience stores to restaurants, caterers, pizzerias and delis.<\/p>\n\n\n\n Today, Jetro and Restaurant Depot operate 166 warehouse stores across 35 US states, serving roughly 725,000 smaller food-service operators. The business generated around $16 billion in revenue and $2.1 billion in EBITDA last year.<\/p>\n\n\n\n Having lost control of his South African empire decades earlier, Kirsh structured his later businesses differently. He kept Jetro private and retained tight control through family ownership and private partnerships.<\/p>\n\n\n\n He reportedly even declined an investment proposal from Warren Buffett, who had been interested in taking a 27% stake.<\/p>\n\n\n\n In March 2026, Sysco announced that it was acquiring Jetro Restaurant Depot for $29.1 billion (R484 billion), creating one of the largest food-service groups in the US.<\/p>\n\n\n\n The sale of Jetro Restaurant Depot to Sysco for $29.1 billion (R500 billion) includes debt, and shareholders are set to receive $21.6 billion in cash and 91.5 million Sysco shares. <\/p>\n\n\n\n As Jetro is a private business, it is difficult to accurately determine how much debt the company has. <\/p>\n\n\n\n However, most analysts and S&P Global have said the company\u2019s debt burden is relatively small, as the combined cash and equity (share) payments are equal to Jetro\u2019s stated enterprise value. <\/p>\n\n\n\nWealthiest South African-born businessman <\/h2>\n\n\n\n
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