One of New York’s most recognizable food icons is changing hands.
Nathan’s Famous — the century-old brand that began as a 5-cent hot dog stand in Coney Island — has been sold to packaged-meat giant Smithfield Foods in an all-cash deal valued at $450 million, according to the companies.
The Deal: $102 Per Share, All Cash
Smithfield said it will buy all outstanding shares of Nathan’s Famous for $102 per share, taking ownership of the brand outright. Smithfield has already held the rights to produce and sell Nathan’s products in the U.S. and Canada (and at Sam’s Club locations in Mexico) since 2014 — now it’s making the relationship permanent.
The acquisition is expected to close in the first half of 2026.
Why Now? Inflation Has Been Squeezing Food Brands
Nathan’s has been feeling the same cost pressures hitting food companies across the board. In a recent filing, the company reported that sales costs for branded products rose 27% year-over-year, and the average cost per pound of hot dogs increased 20%.
Smithfield says it expects to generate about $9 million in annual savings within two years of the deal closing.
A New Owner — But the Coney Island Tradition Stays
For many New Yorkers, Nathan’s isn’t just a hot dog — it’s a summertime ritual. And the company says the brand’s biggest tradition isn’t going anywhere.
Smithfield confirmed the Nathan’s Famous Hot Dog Eating Contest — held every July 4 outside the flagship Coney Island location — will continue. The event draws massive crowds and has become a nationally televised Fourth of July staple.
Competitive-eating legend Joey Chestnut remains the reigning champion after downing 70.5 hot dogs and buns last year, with a record of 76 set in 2021.
The Long Island Angle
While the original Nathan’s is famously rooted in Brooklyn, the brand’s corporate ties are also familiar to Long Islanders. Nathan’s Famous is headquartered in Jericho, keeping a meaningful part of this “New York original” connected to Nassau County.
For Long Island shoppers, nothing should change at the register: Nathan’s hot dogs and branded products are expected to remain widely available through the same major retail channels — just with a new parent company behind the scenes.
Big Picture: Two Well-Known Names, One Portfolio
Smithfield — known for major meat brands including Gwaltney and Armour — is positioning the deal as a way to strengthen its packaged-meats business with a heritage New York brand.
Nathan’s reported about $150 million in revenue and $24 million in profit in fiscal 2025, numbers that likely made the company attractive as a recognizable, high-margin label with national reach.
