South African billionaire Natie Kirsh has agreed to sell his US — based restaurant depot business, Jetro Restaurant Depot, to Sysco Corporation for an estimated $29 billion, which translates to approximately R500 billion. The acquisition is expected to bolster Sysco’s presence in the cash & carry sector, expanding its operations into a higher-margin, growing, and resilient market.
Kirsh, known for his diverse business ventures in Africa, is stepping away from his restaurant depot business to focus on other investment opportunities. Jetro Restaurant Depot, established in 1983, has been a leading supplier of wholesale restaurant supplies to independent and franchise restaurants in the United States.
The sale comes at a time when Sysco is looking to strengthen its position in the cash & carry market, which is known for its stable performance during economic downturns. According to a Sysco spokesperson, the acquisition is in line with the company’s strategy to diversify its product offerings and expand its market reach. “This deal represents a significant milestone in Sysco’s growth journey, “said Kevin Hourican, President and CEO of Sysco. “.
We are excited to welcome Jetro Restaurant Depot into our family, as it aligns perfectly with our mission to provide superior value to our customers.”The transaction is expected to close by the end of this year, subject to regulatory approvals. Following the acquisition, Jetro Restaurant Depot will continue to operate under its current management and brand identity.
Source: Moneyweb
