Deal Details
Portillo’s Completes $190 Million Follow-On Offering
Summary
Portillo’s Inc. (“Portillo’s” or the “Company”) (NASDAQ: PTLO), a portfolio company of Berkshire Partners, recently completed a follow-on offering of 8,000,000 shares of Class A common stock at a price of $23.75 per share, generating gross proceeds of $190 million in a synthetic secondary transaction. The underwriters have a 30-day option to purchase up to an additional 1,200,000 shares of Class A common stock at the public offering price, less underwriting discounts and commissions.
Baird served as a bookrunner on this offering.
About
Portillo’s serves iconic Chicago street food through high-energy, multichannel restaurants designed to ignite the senses and create a memorable dining experience. Portillo’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. As of June 26, 2022, the Company owned and operated 71 Portillo’s restaurants across nine states.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.
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- Date
- August 2022
- Company
- Portillo’s Inc.
- Transaction
- Equity Capital Markets
- Sectors
- Consumer
- Verticals
-
Multi-Unit, Restaurants & Franchising
- Target Geography
- North America
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