Portillo’s Hot Dogs LLC is expected to submit a draft registration statement in the first steps toward a possible initial public offering later this year, the Wall Street Journal reported Friday.
The Oak Brook, Ill.-based fast-casual brand could file with federal regulators this week, sources told the Journal. The chain is targeting a valuation of $2.5 billion to $3 billion, they said, and shares were expected to begin trading by the end of this year, the report noted
Berkshire Partners LLC acquired Portillo’s in 2014 for a reported $1 billion. The company did not immediately comment on the report.
Portillo’s joins a growing number of restaurant brands eyeing the public markets. The Los Angeles-based salad chain Sweetgreen Inc. said earlier that it plans to launch an IPO, as did Grants Pass, Ore.-based Dutch Bros Coffee Inc.
Austin, Texas-based Torchy’s Tacos has reportedly been exploring a public offering.
Charlotte, N.C.-based Krispy Kreme Inc. returned to the public markets at the start of July, Krispy Kreme has traded near its $17 opening, though the range has been $15.50 to $21.69 a share.
Amid a Wall Street rally, interest in traditional IPOs has returned. Special-purpose acquisition companies, which helped brands like BurgerFi enter the public market last year, have slowed.
In late June, Fertitta Entertainment Inc., the parent company of Golden Nugget and Landry's, and FAST Acquisition Corp., a SPAC co-headed by Doug Jacob and Sandy Beall, amended their February merger agreement. Fertitta Entertainment greed to contribute certain operating businesses not originally included as part of the business combination with FAST for no additional debt.
The additional businesses included the Mastro's brand, the Aquariums, the Pleasure Pier, Vic and Anthony's and a handful of smaller restaurant concepts, adding a total of 42 business assets, as well as the Catch restaurants.
Portillo’s was founded in 1963, when Dick Portillo opened the first Portillo’s hot dog stand in Villa Park, Ill. The brand now has more than 60 locations and also owns Barnelli’s restaurants.
Portillo’s announced plans earlier this month for a pick-up only location in Joliet, Ill., this year.
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