This story was originally published on Food Dive. To receive daily news and insights, subscribe to our free daily Food Dive newsletter. The Marzetti Company has agreed to buy Japanese barbecue sauce brand Bachan’s for $400 million in cash as the dips and dressings maker looks to deepen its presence in the fast-growing sauce category. Marzetti will finance the purchase through cash on hand and additional financing, and the deal is expected to be completed by June 30, the company said in a press release. ...

Core Viewpoint - Smithfield Foods has announced a definitive merger agreement to acquire Nathan's Famous for $102.00 per share, totaling an enterprise value of approximately $450 million, which is expected to enhance Smithfield's brand portfolio and growth opportunities in the packaged meats segment [1][4][6]. Group 1: Acquisition Details - Smithfield Foods will acquire all issued and outstanding shares of Nathan's Famous in an all-cash transaction valued at $102.00 per share [6]. - The transaction is expected to close in the first half of 2026, pending approval from Nathan's Famous shareholders and other customary conditions [7][9]. - The acquisition will be funded by cash on hand and is not subject to a financing contingency [7]. Group 2: Strategic Implications - The acquisition will secure Smithfield's rights to the Nathan's Famous brand indefinitely, allowing for maximized growth across retail and foodservice channels [3][8]. - Smithfield anticipates achieving annual cost synergies of approximately $9 million by the second anniversary of the deal closing [4][8]. - The transaction represents a valuation of approximately 12.4 times Nathan's Famous's last twelve months adjusted EBITDA and about 10.0 times post-synergies [4]. Group 3: Management Perspectives - Smithfield's President and CEO, Shane Smith, emphasized that the acquisition is a significant step in owning top brands within their packaged meats portfolio and unlocking new growth opportunities [4]. - Nathan's Famous CEO, Eric Gatoff, stated that the merger is a natural fit and offers a compelling valuation for shareholders, highlighting Smithfield's commitment to the brand [5]. Group 4: Financial Overview - Nathan's Famous reported an adjusted EBITDA of $36.386 million for the twelve months ended September 28, 2025, indicating a strong financial position prior to the acquisition [28]. - The acquisition is expected to be immediately accretive to Smithfield's adjusted diluted earnings per share from continuing operations [5]. Group 5: Regulatory and Approval Process - The merger agreement requires approval from Nathan's Famous shareholders, with members owning approximately 29.9% of the shares already agreeing to vote in favor of the transaction [10]. - The transaction is subject to regulatory approvals, including antitrust considerations and other customary closing conditions [9].

Group 1 - Pat McGrath Labs is seeking a buyer, with Hilco Global highlighting the brand's reputation for high-performance formulas and iconic products [3][4] - The brand was founded in 2015 by renowned makeup artist Pat McGrath and has collaborated with luxury brands such as Prada, Valentino, and Versace [4] - In 2018, Eurazeo Brands invested $60 million into Pat McGrath Labs, raising total funding to $88 million, aimed at expanding U.S. distribution and meeting global demand [5] Group 2 - Hilco Global is conducting an auction for Pat McGrath Labs' assets, with bids accepted until January 26, and the auction scheduled for January 27 [7] - The auction will be held via Zoom, with an option for in-person attendance, and assets will be sold on an as-is basis [7] - Hilco Global has not verified the financial performance of Pat McGrath Labs and advises bidders to perform their own due diligence [7]

Core Insights - Sony Music Entertainment Japan and Sony Pictures Entertainment have signed an agreement to acquire WildBrain's 41% stake in Peanuts Holdings LLC for approximately CAN$630 million (around $457 million U.S.) [1] - Upon completion of the transaction, Sony will increase its ownership in Peanuts Holdings to 80%, while the Schulz family will retain a 20% stake [2] - Peanuts Worldwide, a wholly owned subsidiary of Peanuts Holdings, will continue to manage the rights and business of the Peanuts brand, with Sony Music taking the lead in management [3] Company Strategy - Sony aims to enhance the value of the Peanuts brand by leveraging its global network and expertise, ensuring the brand remains relevant across generations [4] - WildBrain will continue as the exclusive licensing agent for consumer products in various territories and will produce new Peanuts content under a partnership with Apple TV [6] - WildBrain plans to use the proceeds from the sale to reduce debt and invest in its other franchises, such as Strawberry Shortcake and Teletubbies [7] Industry Context - The Peanuts franchise, created by Charles M. Schulz, has been a significant part of pop culture since its introduction in 1950, with various media adaptations and merchandise [4] - Apple TV has been expanding its Peanuts content offerings since acquiring streaming rights in 2020, including a recent five-year extension for exclusive streaming [8]

Core Viewpoint - E.l.f. Beauty plans to acquire Hailey Bieber's beauty brand Rhode for up to $1 billion, marking its largest acquisition to date as it seeks to expand into skincare [1] Acquisition Details - The acquisition consists of $800 million in cash and stock, with an additional potential $200 million based on Rhode's performance over the next three years [1] - The deal is expected to close in the second quarter of fiscal 2026 or later this year [1] Brand Performance - Rhode has achieved $212 million in net sales within less than three years, operating solely through direct-to-consumer channels with only 10 products [2] - The brand has more than doubled its customer base over the past year and plans to launch in Sephora stores in North America and the U.K. by the end of the year [2] Leadership and Innovation - Hailey Bieber will serve as Rhode's chief creative officer and head of innovation, overseeing creative, product innovation, and marketing [3] - Under Bieber's direction, Rhode became the No. 1 skincare brand in earned media value, achieving 367% year-over-year growth [3] Strategic Fit - Rhode aligns well with E.l.f.'s growth strategy, particularly in skincare, which has gained popularity among younger consumers [4][5] - E.l.f. previously acquired skincare brand Naturium for $355 million, indicating a strong focus on expanding its skincare portfolio [5] Consumer Demographics - E.l.f. cosmetics typically have a core entry price point of about $6.50, while Rhode's products average in the high $20s, suggesting a shift towards a higher-income consumer base [6]