US EditionIconic Coney Island Hot Dog Maker Sold for $450 Million
Smithfield Foods will fully own Nathan’s Famous, securing perpetual brand rights and targeting $9 million in annual savings within two years post-acquisition.
- On Wednesday, Smithfield Foods announced it will buy Long Island-based Nathan's Famous for $450 million, about $102 per share, in an all-cash deal converting Nathan's into a wholly owned subsidiary.
- With the licensing deal set to expire in 2032, Smithfield Foods moved to buy Nathan's Famous to secure brand rights in perpetuity and maximize growth in retail and food service.
- Nathan's reported $24 million profit on nearly $150 million revenue, and Nathan's board of directors, which owns nearly 30%, approved the buyout and will recommend shareholders vote for it.
- Integration planning will determine immediate business decisions as Smithfield Foods declined to say if jobs will be added or retained, leaving employment outcomes unclear.
- Smithfield projects about $9 million in annual savings within two years, supported by its $14 billion typical annual sales, as it acquires Nathan's Famous dating to 1916.
43 Articles
43 Articles
NY hot dog company Nathan’s Famous has been sold for $450 million
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 an all-cash $450 million deal, the companies announced Wednesday.
76 hot dogs in ten minutes is the current record at the annual betting dinner on Coney Island. The sausage company, whose name is firmly linked to the competition, is now being sold.
76 hot dogs in ten minutes is the current record for annual betting on Coney Island. The sausage company, whose name is firmly associated with the competition, is now being sold.The sausage specialist Nathan's Famous, known as the name giver of the hot dog bet on Coney Island, changes ownership for 450 million dollars.The buyer is the meat company Smithfield Foods, who has held the license to produce and sell Nathan's products in the USA and Can…
Nathan’s Famous, Founded by Jewish Immigrant, Sold to Smithfield for $450 Million
NEW YORK (AP/VINnews) — Nathan’s Famous, the iconic hot dog brand that began as a modest stand founded by a Jewish immigrant on Brooklyn’s Coney Island more than a century ago, has agreed to be sold to Smithfield Foods in an all-cash deal valued at about $450 million, the companies announced Wednesday. Smithfield said it […]
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