Natie Kirsh, a South African billionaire, has sold his US — based restaurant supply business, Jetro Restaurant Depot, to Sysco for a staggering $29 billion. The deal, which represents one of the largest transactions in the food industry, was announced on Thursday. Jetro Restaurant Depot, founded by Kirsh in 1985, has become a major player in the US foodservice distribution market, offering a wide range of products to restaurants and other foodservice operators.
The acquisition by Sysco, a Fortune 500 company, is expected to strengthen its position in the foodservice distribution sector. According to a statement from Sysco, the deal will enhance its product offerings and expand its reach across the United States. “We are excited about the opportunity to acquire Jetro Restaurant Depot and its talented team, “said Tom Bené, Sysco’s President and CEO. “.
This acquisition aligns with our strategy to provide customers with a broader selection of quality products and services.”Nat Kirsh, who founded Jetro Restaurant Depot in Potchefstroom, South Africa, before expanding to the United States, expressed his satisfaction with the sale. “I am proud of what we have built at Jetro Restaurant Depot over the years, “said Kirsh. “.
I am confident that Sysco will continue to grow the business and provide exceptional service to our customers.”The transaction, which is subject to regulatory approvals, is expected to close in the second half of 2023. The deal is a testament to the success of South African entrepreneurs in the global market and the growing influence of African businesses on the international stage.
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