by T. C. Mayfield, The Chicago Times
July 19, 2021
OAK BROOK, IL — Portillo’s, The Wiener King of Chicago, will soon be issuing shares on the open market.
The Oak Brook-based restaurant chain, which is owned by private equity firm Berkshire Partners LLC, announced Monday that it has filed a registration statement with the Securities and Exchange Commission, but no set date for the initial stock offering.
The company did not reveal the number of shares or the price range, but the Wall Street Journal reported Portillo’s is aiming for a valuation of $2.5 billion to $3 billion.
Dick Portillo founded Portillo’s in 1963, when he sold hot dogs from a stand in Villa Park.
In 2014, Portillo sold the company to Berkshire Partners for nearly $1 billion.
Portillo’s has expanded to approximately 50 restaurants across Illinois, with additional locations in Arizona, California, Florida, Indiana, Iowa, Michigan, Minnesota, and Wisconsin.