Latham & Watkins Advises on Portillo’s Inc.’s Offering of Class A Common Stock in “Synthetic Secondary” Transaction

Portillo’s Inc. (Nasdaq: PTLO), the fast-casual restaurant concept known for its menu of Chicago-style favorites, has announced the pricing of its previously announced underwritten public offering of 8,000,000 shares of Portillo’s Class A common stock. The offering is expected to result in gross proceeds to the Company (before expenses and underwriter discounts and commissions) of US$183.2 million (assuming the underwriters do not exercise their option to purchase additional shares). The offering is expected to close on November 17, 2022, subject to customary closing conditions. The underwriters have a 30-day option to purchase up to an additional 1,200,000 shares of Class A common stock at the public offering price.

Latham & Watkins LLP represents the underwriters in the offering with a New York capital markets team led by partners Marc Jaffe, Ian Schuman, and Adam Gelardi, with associates Sara Johnson, MacLane Taggart, and Jacob Weiner.