Hot dog! Portillo’s goes public.

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Bolingbrook, Illinois, USA: Customers enjoy their lunch inside a Chicago suburban Portillo location.

Luke Wendling / Dreamtime

Portillo’s, the restaurant chain known for its hot dogs and chocolate cake, goes public.

Portillo’s released the prospectus for its next public offering on Monday. Oak Brook, Illinois, said it would raise $ 100 million with its IPO. Portillos did not disclose how many shares it would offer or their price range. This will come with future deposits

The $ 100 million is also seen as a placeholder that will change with future deposits. Portillos will be listed on Nasdaq under the symbol PTLO, according to a prospectus.

Jefferies,


Morgan stanley
,

BofA Securities and Piper Sandler are the main underwriters.

Founded in 1963, Portillo’s is a fast, casual restaurant chain known for its Chicago-style hot dogs and sausages, Italian beef sandwiches, and chocolate cake. Portillo’s owns and operates 67 restaurants in nine states, including Illinois, Arizona, Indiana, Florida, Iowa, Minnesota, Wisconsin, Michigan and California. Each Portillo location served an average of approximately 825,000 guests for the 12 months ending June 27.

Portillo reported a profit of $ 12.3 million for the fiscal year ended Dec. 27, down from $ 5.6 million a year earlier. Revenue fell 5% to $ 455.5 million in 2020, which was mainly due to a drop in guest traffic caused by the Covid-19 pandemic, according to the prospectus.

Berkshire Partners, a Boston-based private equity firm, acquired Portillo’s in 2014 in a deal valued at $ 1 billion, the Chicago Sun Times reported. Portillo did not disclose the significance of Berkshire’s stake or whether the company would sell shares. This information will also come with future deposits.

The Vita Coco company, known for its packaged coconut water, has also filed for an IPO. The New York beverage company aims to raise $ 100 million with its IPO. Vita Coco did not disclose how many shares it would sell or their price range. This information will come as and when Vita Coco updates its prospectus. He plans to trade on the Nasdaq under the ticker COCO.


Goldman Sachs
,

BofA Securities,


Swiss credit

and Evercore ISI are the main underwriters in the transaction.

Launched in 2004, Vita Coco is a leader in the global coconut water category, offering plain coconut water or coconut water flavored with pineapple or peach and mango. It also sells pressed coconut water, which the company claims makes it taste more “coconut”, as well as coconut oil.

Vita Coco is profitable. Net income more than tripled to $ 32.7 million for the fiscal year ended Dec. 31, from $ 9.4 million in profit for the same period in 2019. Sales increased 9% to 310, $ 6 million for the year ended Dec. 31, according to the prospectus.

Verlinvest, a family-owned Brussels investment group that invests in the consumer sector, invested in Vita Coco in 2007. It is not known how much Verlinvest owns or if they are selling shares. Verlinvest is also an investor in Oatly (ticker: OTLY), an oat drink company that went public earlier this year.

Write to Luisa Beltran at [email protected]


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