Nathan’s Famous, an iconic American hot dog maker that opened its first store in Coney Island more than a century ago, was sold to a Chinese-based pork producer for $450 million.
The all-cash deal was announced in a statement by Nathan’s and Smithfield Foods on Wednesday.
Smithfield will acquire all of Nathan’s Famous shares for $102 each. The company has held the rights to produce Nathan’s products in the United States and Canada and at Sam’s Club outlets in Mexico since 2014, The Associated Press reported.
“The Nathan’s Famous acquisition is a meaningful step in the progression of Smithfield Foods allowing us to own all of the top brands in our packaged meats portfolio,” Shane Smith, Smithfield CEO and president, said in the statement.
Smithfield said it believed the deal would create annual savings of $9 million, The Wall Street Journal reported.
Added Nathan’s CEO Eric Gatoff, the transaction “is a natural fit and provides compelling valuation for Nathan’s Famous stockholders.”
[ Top dog again: Joey Chestnut wins Nathan’s hot dog eating contest ]
Nathan’s Famous started as a hot dog cart in 1916 by immigrant Nathan Handwerker, with hot dogs sold for a nickel apiece.
After opening several locations in the New York metropolitan area through the years, the Handwerker family sold the franchise to investors in 1987, according to the AP.
Every July 4, the original Coney Island venue in the New York City borough of Brooklyn hosts its Hot Dog Eating Contest.
The first recorded hot dog eating contest was held in 1972, but Nathan’s has said it began on an informal basis in the early 20th century.
Joey Chestnut, who has won 17 of the last 19 contests, is the reigning champion. He downed 70.5 hot dog and buns in the 2025 event. He holds the record of 76, set in 2021.