110-year-old hot dog chain just sold its entire business

Company Overview - Nathan's Famous, founded in 1916, started as a small hot dog stand on Coney Island and has grown into a global brand known for its kosher beef hot dogs and the first major hot dog-eating contest [2] - The company has expanded its reach, selling products in thousands of stores and operating hundreds of restaurants worldwide [2] Acquisition Details - Smithfield Foods has agreed to acquire Nathan's Famous for approximately $102 per outstanding share, valuing the deal at about $450 million [4] - Smithfield has held an exclusive license to manufacture, distribute, market, and sell Nathan's products in the U.S., Canada, and Sam's Club locations in Mexico since March 2014 [4][5] Strategic Implications - The acquisition will allow Smithfield to secure full ownership of the Nathan's Famous brand and continue its expansion in retail and foodservice channels [5] - Smithfield's President and CEO highlighted that the acquisition will leverage their manufacturing scale, marketing strength, and product innovation capabilities to elevate the Nathan's brand [6] - Nathan's Famous CEO expressed that the acquisition is a "natural fit" for the brand's next phase of growth, emphasizing Smithfield's commitment to quality and customer service [6][7] Financial Context - Smithfield Foods is the world's largest pork producer and food-processing company, reporting over $14 billion in annual sales [7]