Dick Portillo Looking To Sell Portillo's For About A Billion Dollars

(Source) The Portillo Restaurant Group Inc. is exploring a sale of its fast-casual division and has hired Minneapolis-based investment firm Piper Jaffray & Co. as a financial adviser, the company said today. The Oak Brook-based company’s main chain, Portillo’s Hot Dogs Inc., is a household name in the Windy City, known for its Chicago-style hot dogs and Italian beef sandwiches. Its founder, Richard Portillo, started Portillo’s in 1963 as a hot dog stand in Villa Park.

“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,” Mr. Portillo said in a statement. “This is a thriving business poised to launch to the next level, presenting an incredible opportunity for employees and investors.” Portillo’s has 38 fast-casual locations in Illinois, Indiana, California and Arizona. The company said it brought in more than $300 million in revenue in 2013. “The popularity of the brand continues to grow, and that momentum, together with outstanding management and employees, brings tremendous potential for further growth and opportunity,” Mr. Portillo said.

Sad sad day. Hot Dog King of Chicago looking to hang em up. Dick Portillo taking a hot dog joint in Villa Park 40 years ago to a company that made 300 million dollars in revenue in 2013. That’s incredible. The true American Dream. And I know some people probably see this news and think that this is the end of Portillos, that everything will change now. No chance. They make money hand over fist, it’s a Chicago institution. That doesn’t just disappear because someone else buys it. Yeah it may be a little different, maybe some new menu items, marketing, a couple of link shares at the top of the superpage, etc. But the fundamental point stands, Portillo’s isn’t going anywhere anytime soon. Good for Dick Portillo, this is how you should do it. Go out on top with zero risk of your kids ruining your franchise.

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Also, Italian Beef all day from Portillo’s. Every time I want to order something different and then I smell the beef and my mind gets trapped.