Portillo’s Hot Dogs plans to go public

Portillo’s, known for its hot dogs and Italian beef sandwiches, wants to sell shares of stock to the public, too.

The Oak Brook-based restaurant chain, owned by private-equity firm Berkshire Partners LLC, said Monday it has confidentially submitted a registration statement with the Security and Exchange Commission. No date has been announced for the initial stock offering.

The company didn’t reveal the number of shares it will be offering or the price range, although the Wall Street Journal reported Portillo’s is targeting a valuation between $2.5 billion and $3 billion.

Portillo’s declined to comment.

Morningstar Equity Analyst Sean Dunlop said there is strong investor demand to buy shares of restaurant chains. Krispy Kreme recently went public, and Sweetgreen, Dutch Bros and Torchy’s Tacos have announced plans to go public.

“In the case of Portillo’s, this is an opportunity for investors to get access to capital at an attractive valuation,” Dunlop said. “Over the last handful of years, we have seen price-earnings multiples continue to creep up in the sector as we have seen this broader shift towards franchising.”

Berkshire Partners will likely keep a large stake in Portillo’s, Dunlop said.

Portillo’s was founded in 1963 by Dick Portillo, who sold hot dogs from a stand in Villa Park. Portillo sold the company to Berkshire Partners for nearly $1 billion in 2014.

Since then, Portillo’s has grown to about 50 restaurants across Illinois, with others in Arizona, California, Florida, Indiana, Iowa, Michigan, Minnesota and Wisconsin.

The company this month announced plans to open its first outlet without a dining room. The pickup-and-delivery location in Joliet will have a three-lane drive-thru.


1 Like

damn. time to invest lol. love the one in buena park

1 Like

Badass and great news, I will invest.

I also like the 1st of many new drive through only locations with 3 lanes. The wait is always 30+ min, I would love for this to expedite the process with new stores. I wonder if that style of restaurant would include the Barnelli’s as well or if that would just be the Portillo’s.

Good find OP.

I think when they expanded out of Illinois, Dick Portillo floated the bill to do so out of his own pocket and not the company’s.

1 Like

I read that as Dick Portfolio…

And now I kinda wanna thumb through it…

1 Like

no idea if that’s true or not, but they should be paying me royalties for all the people i’ve told about the one here in socal…lol

I love Portillo’s. I was so excited when they expanded to Arizona.

Cheap and tasty. How can you beat it? Besides, the wife and I play “Spot the Hooker” driving through Stanton.

food is absolute shit now.

Might be a good short term investment. I suspect in the coming years, shareholder pressure for profits will slowly deteriorate the quality of the product.

I have no idea what I’m talking about

There’s a portillos down the street and it’s highly overrated we prefer to go to Johnny’s better Italian beef and sausage!

What is crazy is they were bouught by a private equity company 4 - 5 years ago for $1 billion. And now they are going public for $2.5 - $3 billion and they haven’t added many stores since the PE firm bought them.

I went there for the first time since they’ve re opened the dining room and it declined in quality from what I remember.

That choc cake shake though is insane