Portillo Restaurant Group is close to an agreement to sell its namesake restaurants for about $1 billion to Berkshire Partners LLC. The Boston-based buyout firm topped several other bidders for the fast-casual restaurant chain, Reuters reports.
The Oak Brook company put itself up for sale in April.
“We’ve enjoyed significant growth over the past 50 years, experiencing same-store sales increases over the last 10 years in the Chicagoland area, even when the economy as a whole suffered,” founder, president and CEO Richard J. Portillo said in a news release April 30.
“This is a thriving business poised to launch to the next level, presenting an incredible opportunity for employees and investors.”
The sale of Portillo’s Hot Dogs Inc. would leave the privately held restaurant group with the Honey-Jam Cafe and Luigi’s House brands.
Portillo’s got its start in 1963 in Villa Park. It now has 38 restaurants in Illinois, Indiana, Arizona and California and average annual restaurant sales in excess of $8 million.