Portillo's Unveils Plans To Go Public, Offer Shares In Company

OAK BROOK, IL — Popular hot dog and Italian beef chain Portillo's is planning to go public, according to a statement from the restaurant's owners Monday.

The Oak Brook based dine-in and drive-thru location has been a staple across the Chicago suburbs since it's founding in 1963. Dick Portillo, the original owner, started the company as a hot dog stand in Villa Park. He sold the company to Berkshire Partners LLC in 2014 for a whopping $1 billion.

Since then, Portillo's has opened about 50 restaurant locations in Illinois, with others scattered across Arizona, California, Florida, Indiana, Iowa, Michigan, Minnesota and Wisconsin.

Going public would mean the company, valued at $2.5 to $3 billion, would be able to sell shares of stock to the general public instead of raising money through private investors.

The company confirmed to the Wall Street Journal on Monday they confidentially submitted a registration statement to the Securities and Exchange Commission, the SEC. As of now, an official date has not been released for the first stock offering.

The company has also not revealed how many shares it plans to offer or for how much. Officials from Portillo's did not immediately respond to a request for comment Tuesday.

The move follows big news from Krispy Kreme and Sweetgreen, other food locations with local followings that have also announced plans to go public.

Portillo's announced this month it will open its first ever outlet without a dining room. The drive-thru location will also offer delivery and will be located in Joliet.