South African billionaire Nathan Kirsh has experienced a significant increase in his net worth, gaining a remarkable $310 million in just 30 days, according to Bloomberg estimations.
As of June 25, 2023, Kirsh’s net worth stood at $7.30 billion, but presently, it has surged to $7.61 billion at the time of writing.
The 91-year-old billionaire controls a vast food and beverage conglomerate, which is represented by various companies.
One of his main sources of income comes from a 75% stake in Jetro Holdings, a New York-based company that manages two U.S. wholesale grocery businesses: Jetro Cash & Carry and Restaurant Depot.
The combined annual revenue of these businesses exceeds $10 billion, based on a December 2019 Fitch credit report and subsequent performance by peers.
The company has recorded significant growth although it is not a publicly traded company.
Bloomberg reports that Jetro and Restaurant Depot operate as sister businesses, and their combined value is calculated using the average enterprise value-to-sales multiple of four publicly traded peer companies, including Costco Wholesale, Kroger, Metro, and Loblaw Companies.
In addition to his involvement with Jetro Holdings, Kirsh Group also controls 52% of Sydney-based Abacus Property Group, a publicly traded real estate investment trust.
His real estate holdings span four continents, including notable properties like London’s first office skyscraper, Tower 42, and Birkenhead Point in Sydney, Australia.
While these companies are private, the growing food chain contributes to the increased demand for Natie Kirsh’s food products.
Natie Kirsh’s background
Nathan Kirsh’s background is one of hard work and entrepreneurial spirit. Born in 1932 and raised in Potchefstroom, South Africa, he took over his family’s sorghum-malt manufacturing business after graduating from the University of Witwatersrand in 1952.
At the age of 26, he ventured into his own business in Swaziland, utilizing a 1,200-pound inheritance from his father and additional funding from contacts. Kirsh’s company expanded into a conglomerate, playing a vital role in reducing the country’s reliance on South Africa for food staples.
Over the years, Kirsh’s business ventures flourished.
He had a unique agreement with the government to buy all corn grown in Swaziland, making his company the sole importer of the crop.
Kirsh maintained a close relationship with the king and also served as chairman of Swaziland’s electricity board for 23 years, contributing to the country’s power grid development and breaking down racial segregation at sporting clubs.
In 1970, Kirsh shifted his focus to South Africa, acquiring a wholesale food operation and transforming it into a cash-and-carry business catering to the country’s black-owned local grocery stores.
He later ventured into real estate, selling 49% of his conglomerate to insurance company Sanlam in 1984.
Although he faced challenges during South Africa’s economic crisis in the 1980s and lost most of his fortune, he retained Jetro, a cash-and-carry outpost in Brooklyn, New York, that he had established in 1975.
Despite the setbacks, Kirsh’s determination and strategic decisions paid off.
His focus on providing fresh goods at competitive prices and serving small shops when larger distributors would not contribute to the continued success of Jetro Holdings and his growing wealth.
Nathan Kirsh’s inspiring journey from humble beginnings to becoming a billionaire exemplifies resilience and entrepreneurial brilliance, solidifying his position as a notable figure in the African billionaire business world.