Despite recording a year-to-date wealth loss of $379 million, the Swazi billionaire, Nathan Kirsh gained $740 million within 42 days. According to Bloomberg data, his net worth increased from $7.15 billion on the 16th of October 2022 to $7.89 billion. The surge in his net worth was due to the revaluation of his private investments through Kirsh Group, a conglomerate with a majority stake in the food supply business Jetro Holdings.
The increase in demand for food during the festive period as consumers shop for end-of-the-year supplies for the Thanksgiving holidays, Christmas and end of the year further boosted this.
With the increase in sales and his 75% stake in Jetro Holding, a New York-based business that operates Jetro Cash & Carry and Restaurant Depot, two wholesale grocery chains, the market value of his investments in the holding increased. The food business tycoon owns private equity investments and property on four continents.
Nathan Krish: Jetro Holdings
Jetro Holdings, founded by the Swazi billionaire, has an annual revenue of more than $10 billion, according to the Fitch credit report in 2019. According to Bloomberg, Jetro and Restaurant Depot’s value can be calculated using the average enterprise value-to-sales multiple of four publicly traded peer companies: Costco Wholesale, Kroger, Metro and Loblaw Companies.
According to its 2021 annual report from Kirsh Group, he owns 54% of Sydney-based Abacus Property Group, a publicly traded real estate investment trust. In the real estate industry, Kirsh owns real estate on four continents, including London’s first office skyscraper, Tower 42, and Jandakot Airport in Perth, Australia.
Although now one of the billionaires in Africa, Nathan Kirsh made his wealth from his country, Swaziland, when he founded a corn milling business in 1958. With years of hard work, he expanded the business into wholesale food distribution, supermarkets, commercial property development, and real estate. Today, Kirsh owns a collection of real estate assets to help hedge against inflation.
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