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Portillo's close to deal with Berkshire Partners: reports

Published: Tuesday, July 1, 2014 2:28 p.m. CDT • Updated: Friday, July 25, 2014 4:35 a.m. CDT

Portillo's Restaurant Group, which includes locations in Villa Park, Downers Grove, Bolingbrook and Elmhurst, is in advanced talks to sell to buyout firm Berkshire Partners LLC in a deal reportedly valued at nearly $1 billion, according to media reports.

Berkshire has reportedly outbid other private equity firms for the group. Portillo's would be the only restaurant chain in Berkshire Partners' portfolio, according to reports.

Piper Jaffrey Cos., an investment bank, was hired by Portillo's to shop to potential buyers, according to reports.

Portillo's has 38 locations in Illinois, Indiana, California and Arizona, according to the company's website. The company was founded by Dick Portillo in 1963.

The company posted revenue of more than $300 million in 2013, according to reports. Portillo's also owns Barnelli's Pasta Bowl, Luigi's House and Honey-Jam Cafe.

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