The Practice School

The Company RESTAURANT DEPOT

Behind the multibillion deal for Jetro Restaurant Depot is its 94-year-old founder who amassed billions by turning a Brooklyn warehouse into a U.S. food empire.

Nathan “Natie” Kirsh founded Restaurant Depot in 1976 as Jetro Cash & Carry, and built the company into a leading brand that dominates the restaurant-supply market. Restaurant Depot operates 166 stores across 35 states and generated about $16 billion in revenue last year.

“We literally have no competition,” Kirsh told a class at the London Business School in 2011. Kirsh still holds a majority stake in the warehouse retailer.

The company pioneered the cash-and-carry model, allowing small-restaurant owners and other independent businesses to visit one of its warehouses to pick up food supplies at any time. By cutting out delivery and distribution costs, the company says it can offer more affordable prices.

The sale to food-distributor Sysco SYY for roughly $29.1 billion including debt, caps an unlikely career for the low-profile Kirsh and his food business.

Born in 1932 in South Africa to Lithuanian Jewish immigrants who ran a malt business, Kirsh ventured into grain milling and then distribution, according to news reports.

Consultancy Accenture has a history of creating its own corporate language. Its name, intended as a derivative of “accent on the future”, was ridiculed when it was adopted in 2001 after the business, Andersen Consulting, broke ties with accounting group Arthur Andersen and was forced to change its name. The rebrand was reported to have cost $100mn.

Accenture’s market capitalisation surged to more than $260bn during a boom in demand for consulting services following the Covid-19 pandemic, but has since fallen to about $150bn as the sector faces a growth slowdown.

Why I don’t own any Gold

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So where does this idea come from? The problem isn’t the size of America’s economic pie, or its portion of the global pie, but the way it’s shared between Americans. Globalization has had a grievous effect on US manufacturing jobs that has stoked inequality. This isn’t populist myth-making; it’s been a five-alarm fire for economists, politicians, and Main Street for well over a decade. Most notoriously, Angus Deaton and Anne Case coined the term “deaths of despair” to diagnose an acute social crisis and its income effect.

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