By MATT OTT
Nathan’s Famous, which opened as a 5-cent hot dog stand in Coney Island more than a century ago, has been sold to packaged meat giant Smithfield Foods in a $450 million all-cash deal, the companies announced Wednesday.
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Smithfield jumped nearly 9% higher in midday trading, to $100.81 a share.
Smithfield said it expects to achieve annual savings of about $9 million within two years of closing the deal.
“As a long-time partner, Smithfield has demonstrated an outstanding commitment to investing in and growing our brand while maintaining the utmost quality and customer service standards,” said Nathan’s CEO Eric Gatoff.
Nathan’s board of directors, which own or control nearly 30% of the outstanding shares of Nathan’s Famous common stock, approved the buyout and agreed to recommend to its shareholders to vote in favor of the deal.
Smithfield, which also owns the Gwaltney bacon and Armour frozen meat brands, rang up more than a billion dollars in operating profit in 2024 on sales of $14.1 billion. It’s on track to eclipse both those figures when it reports its fourth-quarter results.
Smithfield shares were unchanged in midday trading Wednesday at $23.39.
In fiscal 2025, Nathan’s reported profit of $24 million on revenue approaching $150 million.
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