Nathan Kirsh

Last updated

Natie Kirsh
Born (1932-01-06) 6 January 1932 (age 92)
Potchefstroom, South Africa
NationalitySouth African
Swazi
Citizenship South Africa
eSwatini
Education Potchefstroom High School for Boys
University of the Witwatersrand
Occupation(s)Businessman, retailer, property developer, philanthropist
SpouseFrances Herr
Children3, [1] including Philip Kirsh

Nathan "Natie" Kirsh (born 6 January 1932) is a South African billionaire businessman and philanthropist. He heads the Kirsh Group, which holds a majority stake in New York state cash and carry operation Jetro Holdings, owner of Restaurant Depot and Jetro Cash & Carry. The Group also holds equity and investments in Australia, Eswatini (Swaziland), the UK, the US, and Israel. He lives in Eswatini (Swaziland), and has residency in the United Kingdom and the United States.

Contents

Forbes estimated his wealth at $5.3 billion in April 2022. He was also listed on the UK’s Sunday Times Rich List 2018, and the wealthiest person in Eswatini by Forbes . [1]

Early life and education

Nathan "Natie" Kirsh was born on 6 January 1932 to Jewish parents that had immigrated to South Africa from Lithuania, [2] [3] [4] and he grew up in Potchefstroom. [5] He later matriculated from Potchefstroom Boys High, in 1949. [6] He encountered little antisemitism in Potchefstroom: “It was a very comfortable and good environment to grow up in.” [7] He also joined the Labor Zionist youth movement Habonim Dror. [7] He earned a Bachelor of Commerce at the University of the Witwatersrand, in 1952. He also holds an honorary doctorate from the University of Swaziland. [8]

Career

In 1952, Kirsh began assisting his mother with the operation of his father's original malt factory in Potchefstroom, then, in 1958, [2] launched his own first venture, [9] founding a corn milling and malt business in Eswatini. [10]

After having returned to South Africa, in 1968; in 1970, [10] Kirsh acquired Moshal Gevisser, a South African wholesale food distributor with a pilot cash and carry program. [10] [2] At the time, the South African apartheid government prevented white business-owners from operating in black townships, and Kirsh began using Moshal Gevisser [2] to supply goods to black shopkeepers. [10] As a cash and carry business, [2] Moshal Gevisser became a dominant food retailer in South Africa. [10]

In June 1976, he founded Jetro, a cash and carry store in Brooklyn, New York. [2] He acquired Restaurant Depot in 1994, [10] then opened its first New York retail outlet in 1995, and Jetro and Restaurant Depot began operating as sister businesses under Jetro Holdings. [2] In 2003, Warren Buffett agreed to buy a minority share of Jetro Holdings, however, he and Kirsh could not agree on terms. [11] As of August 2018, Kirsh owned 75 percent of Jetro Holdings, which had about 115 Jetro Cash & Carry and Restaurant Depot stores in the United States. [2] That year, the Independent reported that several of Kirsh's companies were registered in the British Virgin Islands and in Liberia, both of which are listed on the Organisation for Economic Co-operation and Development’s tax haven "grey list". [3] Kirsh Holdings Group, Kirsh's primary holding group, continues to own half of Swazi Plaza Properties. [5]

In the late 1970s, he also acquired Magal Security Systems from Israel Aerospace Industries, listing the company on Nasdaq in 1993. [10] In 2009, Kirsh was a director and held a 24.2 percent stake in Magal Security, [12] which met controversy by providing fences in Israel. [13] [14] In 2014, Kirsh sold his 40 percent stake in Magal to FIMI. [15]

Kirsh left South Africa in 1986, [5] after selling much of Kirsh Industries to Sanlam, [10] [16] In 2006, his companies included Mira Mag and Ki Corporation. Through Kifin Limited, part of Ki Corporation, by 2008, he also held a stake in Minerva, [17] dropping a bid for majority ownership in 2010. [17] [18]

By early 2018, Kirsh retained retail and property interests in Britain, the United States, Australia, and Eswatini.

Personal life

Kirsh is married to Frances Herr, and they have three children, one son, Philip Kirsh, and two daughters. [19] They reside in Ezulwini, in Eswatini, [1] [20] where he holds citizenship. [1] [21] He keeps kosher but does not consider himself religious. [7] His brother, Issie, founded Radio 702 and Primedia. [22]

Philanthropy

He established the Kirsh Foundation, an international charitable organization. [23] He has contributed significantly to Eswatini, primarily through the financing of small business startups and computer education in high schools. Between 2001-2016, his foundation funded 14, 000 startups, with a 70% success rate. [7] Its projects include a microfinance venture in collaboration with Swazi chiefs to provide "affordable loans and financial literacy training to Swazi women." [21] By 2015, around 20,000 people were employed by small-scale businesses started by the fund. [21] In 2021, Kirsh funded a mission for humanitarian NGO IsraAID to aid with the COVID-19 vaccine rollout in Swaziland [24]

In recent years the fund has also focused on financing business startups and computer education in high schools and yeshivas in Israel. [7] Through the Natan fund, 700 startups had been financed as of 2016, with an 85% success rate. [7] The Kirsh family also donated $10 million to the Jerusalem Arts Campus, a new downtown campus for the Nisan Nativ Acting Studio, the Sam Spiegel Film and Television School, and the School of Visual Theater and the Center for Middle Eastern Music. [25] His foundation has also funded the Britain Israel Research and Academic Exchange Partnership, an initiative of the British Council and the British Embassy in Israel, together with the Pears Foundation, investing in world-leading research jointly undertaken by scientists in Britain and Israel. He also supports the Jewish People Policy Institute, a think tank with the purpose of promoting and securing the Jewish people and Israel. [26] His foundation also spearheaded Shine A Light, an initiative to raise awareness about modern antisemitism through education, community partnerships, workplace engagement and advocacy in the United States. [27] It is endorsed by the Anti-Defamation League. [28]

In 2020, Kirsh donated $8.8 million to his alma mater, the University of the Witwatersrand in Johannesburg. [29]

See also

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References

  1. 1 2 3 4 "Nathan Kirsh". Forbes. Retrieved 12 October 2021.
  2. 1 2 3 4 5 6 7 8 "Bloomberg Billionaires Index", Bloomberg, 27 March 2019.
  3. 1 2 SlackBelly: Trouble at Tradition: Ex-director sues broking firm The Independent, 14 February 2010
  4. ↑ Jewish Business News: "Billionaire Nathan Kirsh Says Obama Is Destroying Jobs In Swaziland" 12 January 2015
  5. 1 2 3 "South African billionaire visits old school", Potchefstroom Herald, 17 March 2017.
  6. ↑ "One of the most Illustrious and successful Old Boys flies into College by Helicopter on the 9th March 2017". Potchefstroom Old Boys' Society. 9 March 2017. Retrieved 30 March 2019.
  7. 1 2 3 4 5 6 Nathan Kirsh - a conversation with Irina Nevzlin Museum of the Jewish People. 2016
  8. ↑ "Nathan Kirsh Swaziland Billionaire". African Millionaire. Retrieved 16 February 2016.
  9. ↑ "How Natie Kirsh built his global business" by Ian Fifre The Financial Mail, 1 April 2010.
  10. 1 2 3 4 5 6 7 8 Blooomberg (11 November 2012). "SA billionaire Kirsch making a fortune from selling US groceries" . Retrieved 18 April 2021– via IOL.
  11. ↑ "The Quiet Billionaire in Wall Street's Backyard". Bloomberg Businessweek. 19–25 November 2012. p. 52.
  12. ↑ "AGM of Shareholders of Magal Security Systems Ltd", Magal Security Systems, 19 November 2009.
  13. ↑ Magal Security Systems Ltd Archived 19 July 2011 at the Wayback Machine Who Profits?, 15 December 2007.]
  14. ↑ City Spy: Morrisons vs M&S in Bolland fight Archived 11 January 2010 at the Wayback Machine London Evening Standard, 8 January 2010.
  15. ↑ " FIMI Opportunity Fund, the Leading Private Equity Fund in Israel, has Concluded the Transaction to Acquire 40% of the Company's Shares"; Market Watch; 1 October 2014.
  16. ↑ Carte, David (25 November 2009). "Exclusive: Natie Kirsh chats to Moneyweb". Moneyweb.[ permanent dead link ]
  17. 1 2 Daniel Thomas, "Kirsh abandons Minerva bid," FT (8 January 2010).
  18. ↑ Minerva stakeholder Nathan Kirsh said company blocked him from buying £40m property Graham Ruddick, The Daily Telegraph (London), 11 December 2009.
  19. ↑ "Times Of Swaziland". Times.co.sz. Retrieved 6 April 2017.
  20. ↑ "Rich list 2015: The Billionaires"; The Sunday Times Magazine ; 26 April 2015, p. 21.]
  21. 1 2 3 O'Connor, Margaret (25 March 2015). "Swaziland: A kingdom under pressure". ft.com. Financial Times. Retrieved 30 March 2019.
  22. ↑ Contributions, "Issie Kirsh" South African Jewish Museum Archives] Retrieved on 12 November 2023
  23. ↑ Shaw, Cassanda (18 March 2013). "Kirsh Foundation splashes on youth entrepreneurship". Times of Swaziland. Retrieved 30 March 2019.
  24. ↑ Jeffay, Nathan. "COVID-stricken African nation brings in Israelis to prepare its vaccine strategy". www.timesofisrael.com. Retrieved 10 March 2021.
  25. ↑ UJA-Fed.-Backed Arts Campus To Rise In Jerusalem Jewish Telegraphic Agency. 22 December 2016
  26. ↑ Partners and Members of the General Meeting Jewish People Policy Institute. Retrieved on 12 November 2023
  27. ↑ Behind the TV ads against antisemitism: a fortune assembled under apartheid The Forward. 22 February 2023
  28. ↑ Shine A Light Anti-Defamation League. Retrieved on 12 November 2023
  29. ↑ Wits secures R150 million endowment for the missing middle University of the Witwatersrand. 11 October 2020
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