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Fairness Opinion Detail

NATH FOOpen source

Nathan's Famous to Smithfield Foods

Packaged FoodsProteins/Jan 2026/Jefferies

Deal Information

Target
Nathan's Famous
Acquiror
Smithfield Foods
Sector
Packaged FoodsProteins
Target Type
Public
Acquiror Type
Strategic
Advisors
Jefferies

Transaction Metrics

Enterprise Value
$450M
EV / LTM Sales
2.9x
EV / LTM EBITDA
12.4x
EV / Fwd EBITDA

Advisor Transaction Comparables

Comparable transactions cited by the advisor, excluding the subject transaction.

Advisor: Jefferies

EV / LTM Adjusted EBITDA selected range: 8.0x - 11.0x

33 comps
Dec 2025Stampede Culinary Partners, Inc.Premium Brands Holdings Corporation--9.7x-
Aug 2021Sanderson Farms, Inc.Cargill / Continental Grain Company--10.8x-
Jun 2021Kerry Consumer Foods (Meats and Meals Business)Pilgrim’s Pride Corporation--8.5x-
Nov 2019National Beef Packing Company, LLCMarfrig Global Foods S.A.--4.4x-
Sep 2017Moy Park (JBS S.A.)Pilgrim’s Pride Corporation--9.6x-
Aug 2017Fontanini Italian Meats and SausagesHormel Foods Corporation--12.0x-
May 2017Rubicon Resources, LLCHigh Liner Foods Incorporated--6.7x-
Apr 2017AdvancePierre Foods Holdings, Inc.Tyson Foods, Inc.--13.5x-
Aug 2015American SeafoodsBregal Partners--7.7x-
Jun 2015Moy Park Ltd (Marfrig Global Foods S.A.)JBS S.A.--7.9x-
Jun 2015Campofrio Food GroupSigma Alimentos, S.A. of C.V.--7.1x-
May 2015Applegate Farms, LLCHormel Foods Corporation--16.9x-
May 2013Smithfield Foods, Inc.WH Group Limited--9.2x-
Nov 2025Denny’s CorporationTriArtisan Capital Advisors LLC--8.0x-
Sep 2025Potbelly CorporationRacetrac, Inc.--19.9x-
Jul 2025Sizzling Platter, LLCBain Capital North American Private Equity--7.3x-
Jan 2024Carrols Restaurant Group, Inc.Restaurant Brands International Inc.--7.1x-
Aug 2023Fiesta Restaurant Group, Inc.Authentic Restaurant Brands (Garnett Station Partners, LLC)--8.2x-
Dec 2022Fuzzy’s Taco ShopDine Brands Global, Inc.--12.2x-
Sep 2022Recipe Unlimited CorporationFairfax Financial Holdings Limited--9.1x-
Dec 2021Del Taco Restaurants, Inc.Jack in the Box Inc.--10.5x-
Nov 2021Firehouse Restaurant Group Inc.Restaurant Brands International Inc.--20.0x-
Jul 2021Taco Cabana (Fiesta Restaurant Group)Yadav Enterprises, Inc.--7.0x-
Jun 2021Global Franchise GroupFAT Brands Inc.--11.1x-
Jan 2020The Habit Restaurants, Inc.Yum! Brands, Inc.--11.8x-
Apr 2019Papa Murphy’s Holdings Inc.MTY Food Group Inc.--8.4x-
Nov 2018Diversified Restaurant Holdings, Inc.ICV Partners, LLC--7.3x-
Nov 2018Bojangles’ Inc.Durational Capital Management LP--10.8x-
Aug 2018Jamba, Inc.Roark (Focus Brands Inc.)--15.1x-
Aug 2018Zoe’s Kitchen, Inc.CAVA Group Inc.--14.8x-
Dec 2017Qdoba Restaurant Corp.Apollo Global Management LLC--6.4x-
Mar 2017Checkers Drive-In Restaurants, Inc.Oak Hill Capital Partners--10.4x-
Apr 2015Del Taco Holdings Inc.Levy Acquisition Corp.--8.5x-
Mean-10.2x-
Median-9.2x-

DCF Assumptions

Discount rate and terminal value assumptions the advisor selected for its discounted cash flow analysis.

Jefferies

Open
WACC
9.0% – 10.0%
Terminal method
Perpetuity growth
Terminal assumption
2.0% – 3.0%
Forecast basis
Nathan's Financial Projections (management, standalone)
Forecast period
fourth fiscal quarter of 2026 through fiscal year ending March 31, 2030
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