Deal Details

Portillo's Completes $466 Million IPO

Consumer

Portillo's IPO

Summary

Portillo’s Inc. (“Portillo’s” or the “Company”) (NASDAQ: PTLO), a portfolio company of Berkshire Partners, recently completed an initial public offering of 23,310,810 shares of Class A Common Stock at a price of $20.00 per share, including the full exercise of the underwriters’ option to purchase an additional 3,050,540 shares of Class A common stock. Gross proceeds from the offering were approximately $466.2 million. The Company intends to use the net proceeds from the offering for debt paydown and to purchase OpCo units.

Baird served as bookrunner on this offering.

About

Portillo’s Inc. serves iconic Chicago street food through high-energy, multichannel restaurants designed to ignite the senses and create a memorable dining experience. The Company’s diverse menu features all-American favorites such as Chicago-style hot dogs and sausages, Italian beef sandwiches, chopped salads, burgers, crinkle-cut french fries, homemade chocolate cake and milkshakes. Portillo’s creates a consumer experience like no other by combining the best attributes of fast casual and quick service concepts with an exciting energy-filled atmosphere and restaurant model capable of generating tremendous volumes. Portillo’s is headquartered in Oak Brook, Illinois.

Berkshire Partners is a leading private equity firm focused on partnering with high-quality, sustainable businesses that are well-positioned for long-term growth. Since its founding in 1986, Berkshire Partners has gained significant experience partnering with management teams at small to mid-sized consumer companies to accelerate growth. Berkshire Partners employs a highly collaborative approach to realize the full potential of each enterprise.

Consumer

Portillo's IPO