Portillo's plans to go public
CHICAGO - Portillo's is going public.
The Oak Brook-based restaurant chain, known for its hot dogs and Italian beef sandwiches, announced it confidentially submitted a registration statement with the Security and Exchange Commission Monday.
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 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.