0000950170-24-027207.txt : 20240306 0000950170-24-027207.hdr.sgml : 20240306 20240306163037 ACCESSION NUMBER: 0000950170-24-027207 CONFORMED SUBMISSION TYPE: 4 PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20240304 FILED AS OF DATE: 20240306 DATE AS OF CHANGE: 20240306 REPORTING-OWNER: OWNER DATA: COMPANY CONFORMED NAME: Berkshire Partners LLC CENTRAL INDEX KEY: 0001312988 ORGANIZATION NAME: STATE OF INCORPORATION: MA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 4 SEC ACT: 1934 Act SEC FILE NUMBER: 001-40951 FILM NUMBER: 24726383 BUSINESS ADDRESS: STREET 1: 200 CLARENDON STREET STREET 2: 35TH FLOOR CITY: BOSTON STATE: MA ZIP: 02116 BUSINESS PHONE: 617-227-0050 MAIL ADDRESS: STREET 1: 200 CLARENDON STREET STREET 2: 35TH FLOOR CITY: BOSTON STATE: MA ZIP: 02116 FORMER NAME: FORMER CONFORMED NAME: Berkshire Partners LLC (d/b/a Stockbridge Investors) DATE OF NAME CHANGE: 20120313 FORMER NAME: FORMER CONFORMED NAME: Berkshire Partners LLC DATE OF NAME CHANGE: 20041229 REPORTING-OWNER: OWNER DATA: COMPANY CONFORMED NAME: Berkshire Investors III LLC CENTRAL INDEX KEY: 0001505184 ORGANIZATION NAME: STATE OF INCORPORATION: MA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 4 SEC ACT: 1934 Act SEC FILE NUMBER: 001-40951 FILM NUMBER: 24726380 BUSINESS ADDRESS: STREET 1: 200 CLARENDON STREET STREET 2: 35TH FLOOR CITY: BOSTON STATE: MA ZIP: 02116 BUSINESS PHONE: 617 227-0050 MAIL ADDRESS: STREET 1: 200 CLARENDON STREET STREET 2: 35TH FLOOR CITY: BOSTON STATE: MA ZIP: 02116 REPORTING-OWNER: OWNER DATA: COMPANY CONFORMED NAME: Berkshire Investors IV LLC CENTRAL INDEX KEY: 0001505185 ORGANIZATION NAME: STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 4 SEC ACT: 1934 Act SEC FILE NUMBER: 001-40951 FILM NUMBER: 24726379 BUSINESS ADDRESS: STREET 1: 200 CLARENDON STREET STREET 2: 35TH FLOOR CITY: BOSTON STATE: MA ZIP: 02116 BUSINESS PHONE: 617 227-0050 MAIL ADDRESS: STREET 1: 200 CLARENDON STREET STREET 2: 35TH FLOOR CITY: BOSTON STATE: MA ZIP: 02116 REPORTING-OWNER: OWNER DATA: COMPANY CONFORMED NAME: Berkshire Fund VIII-A, L.P. CENTRAL INDEX KEY: 0001514454 ORGANIZATION NAME: STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 4 SEC ACT: 1934 Act SEC FILE NUMBER: 001-40951 FILM NUMBER: 24726382 BUSINESS ADDRESS: STREET 1: C/O EIGHTH BERKSHIRE ASSOCIATES LLC STREET 2: 200 CLARENDON STREET CITY: BOSTON STATE: MA ZIP: 02116 BUSINESS PHONE: 617-227-0050 MAIL ADDRESS: STREET 1: C/O EIGHTH BERKSHIRE ASSOCIATES LLC STREET 2: 200 CLARENDON STREET CITY: BOSTON STATE: MA ZIP: 02116 REPORTING-OWNER: OWNER DATA: COMPANY CONFORMED NAME: Eighth Berkshire Associates LLC CENTRAL INDEX KEY: 0001888111 ORGANIZATION NAME: STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 4 SEC ACT: 1934 Act SEC FILE NUMBER: 001-40951 FILM NUMBER: 24726378 BUSINESS ADDRESS: STREET 1: 200 CLARENDON STREET CITY: BOSTON STATE: MA ZIP: 02116-5009 BUSINESS PHONE: (617) 227-0050 MAIL ADDRESS: STREET 1: 200 CLARENDON STREET CITY: BOSTON STATE: MA ZIP: 02116-5009 REPORTING-OWNER: OWNER DATA: COMPANY CONFORMED NAME: Berkshire Partners Holdings LLC CENTRAL INDEX KEY: 0001597786 ORGANIZATION NAME: FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 4 SEC ACT: 1934 Act SEC FILE NUMBER: 001-40951 FILM NUMBER: 24726377 BUSINESS ADDRESS: STREET 1: 200 CLARENDON STREET STREET 2: 35TH FLOOR CITY: BOSTON STATE: MA ZIP: 02116 BUSINESS PHONE: (617) 227-0050 MAIL ADDRESS: STREET 1: 200 CLARENDON STREET STREET 2: 35TH FLOOR CITY: BOSTON STATE: MA ZIP: 02116 REPORTING-OWNER: OWNER DATA: COMPANY CONFORMED NAME: BPSP, L.P. CENTRAL INDEX KEY: 0001597787 ORGANIZATION NAME: FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 4 SEC ACT: 1934 Act SEC FILE NUMBER: 001-40951 FILM NUMBER: 24726376 BUSINESS ADDRESS: STREET 1: 200 CLARENDON STREET STREET 2: 35TH FLOOR CITY: BOSTON STATE: MA ZIP: 02116 BUSINESS PHONE: (617) 227-0050 MAIL ADDRESS: STREET 1: 200 CLARENDON STREET STREET 2: 35TH FLOOR CITY: BOSTON STATE: MA ZIP: 02116 REPORTING-OWNER: OWNER DATA: COMPANY CONFORMED NAME: Berkshire Fund VIII, L.P. CENTRAL INDEX KEY: 0001514470 ORGANIZATION NAME: STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 4 SEC ACT: 1934 Act SEC FILE NUMBER: 001-40951 FILM NUMBER: 24726381 BUSINESS ADDRESS: STREET 1: C/O EIGHTH BERKSHIRE ASSOCIATES LLC STREET 2: 200 CLARENDON STREET CITY: BOSTON STATE: MA ZIP: 02116 BUSINESS PHONE: 617-227-0050 MAIL ADDRESS: STREET 1: C/O EIGHTH BERKSHIRE ASSOCIATES LLC STREET 2: 200 CLARENDON STREET CITY: BOSTON STATE: MA ZIP: 02116 ISSUER: COMPANY DATA: COMPANY CONFORMED NAME: Portillo's Inc. CENTRAL INDEX KEY: 0001871509 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-EATING PLACES [5812] ORGANIZATION NAME: 07 Trade & Services IRS NUMBER: 871104304 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 BUSINESS ADDRESS: STREET 1: C/O THE PORTILLO RESTAURANT GROUP STREET 2: 2001 SPRING ROAD, SUITE 400 CITY: OAK BROOK STATE: IL ZIP: 60523-1903 BUSINESS PHONE: (630) 954-3773 MAIL ADDRESS: STREET 1: C/O THE PORTILLO RESTAURANT GROUP STREET 2: 2001 SPRING ROAD, SUITE 400 CITY: OAK BROOK STATE: IL ZIP: 60523-1903 4 1 ownership.xml 4 X0508 4 2024-03-04 0001871509 Portillo's Inc. PTLO 0001312988 Berkshire Partners LLC 200 CLARENDON STREET, 35TH FLOOR BOSTON MA 02116 true false true false 0001514454 Berkshire Fund VIII-A, L.P. 200 CLARENDON STREET 35TH FLOOR BOSTON MA 02116-5021 true false true false 0001514470 Berkshire Fund VIII, L.P. 200 CLARENDON STREET 35TH FLOOR BOSTON MA 02116-5021 true false true false 0001505184 Berkshire Investors III LLC 200 CLARENDON STREET 35TH FLOOR BOSTON MA 02116-5021 true false true false 0001505185 Berkshire Investors IV LLC 200 CLARENDON STREET 35TH FLOOR BOSTON MA 02116-5021 true false true false 0001888111 Eighth Berkshire Associates LLC 200 CLARENDON STREET 35TH FLOOR BOSTON MA 02116-5021 true false true false 0001597786 Berkshire Partners Holdings LLC 200 CLARENDON STREET 35TH FLOOR BOSTON MA 02116-5021 true false true false 0001597787 BPSP, L.P. 200 CLARENDON STREET 35TH FLOOR BOSTON MA 02116-5021 true false true false false Class A common stock 2024-03-04 4 D false 2167629 14.37 D 3755165 I By Berkshire Fund VIII-A, L.P. Class A common stock 28246 I See notes LLC Units of PHD Group Holdings LLC 2024-03-04 4 D false 5216808 14.37 D Class A common stock 5216808 9037513 I By Berkshire Fund VIII, L.P. LLC Units of PHD Group Holdings LLC 2024-03-04 4 D false 143372 14.37 D Class A common stock 143372 248374 D LLC Units of PHD Group Holdings LLC 2024-03-04 4 D false 472191 14.37 D Class A common stock 472191 818015 D Represents shares of Class A common stock of the Issuer sold by Berkshire Fund VIII-A, L.P. ("VIII-A") to the Issuer pursuant to the Stock and Unit Purchase Agreement, dated as of February 27, 2024 (the "Purchase Agreement"). Such securities may be deemed to be beneficially owned by Berkshire Partners Holdings LLC ("BPH"); BPSP, L.P. ("BPSP"); Eighth Berkshire Associates LLC ("8BA"), its general partner; and Berkshire Partners LLC ("BP"), its investment adviser. BPH is the general partner of BPSP, which is the managing member of BP. As the managing member of BP, BPSP may be deemed to beneficially own shares that are beneficially owned by BP. As the general partner of BPSP, BPH may be deemed to beneficially own shares that are beneficially owned by BPSP. BPH, BPSP, VIII-A, 8BA and BP are under common control and may be deemed to be, but do not admit to being, a group for purposes of Section 13(d)(3) of the Securities Exchange Act of 1934, as amended (the "Act"). Represents restricted stock units granted to Richard Lubin and Joshua Lutzker for their service on the Board of Directors of the Issuer, 2,000 of which will vest on October 21, 2024, subject to Mr. Lutzker's continued service through such vesting date, and the terms of the award agreement. Also reflects the forfeiture by Mr. Lubin of certain unvested shares following his retirement from the Board on October 30, 2023. Any securities that have been issued to Mr. Lubin or Mr. Lutzker, and may be issued to Mr. Lutzker in the future, for service as a director are held by each of them for the benefit of funds or entities affiliated with BP. The Reporting Persons disclaim beneficial ownership of such securities, except to the extent of their pecuniary interest therein, and the inclusion of any securities in this report shall not be deemed an admission of beneficial ownership of the reported securities for purposes of the Act, or for any other purpose. Each of BPH, BPSP, VIII-A, 8BA and BP disclaims beneficial ownership of any securities except to the extent of its pecuniary interest therein. Pursuant to the Second Amended and Restated Limited Liability Company Agreement of PHD Group Holdings LLC ("PHD Group Holdings"), dated as of October 20, 2021, LLC Units (as defined therein) directly held by certain of the Reporting Persons are exchangeable for shares of Class A common stock on a one-for-one basis, subject to certain exceptions, conditions and adjustments. The LLC Units have no expiration date. Pursuant to the Purchase Agreement, in connection with the purchases of LLC Units by the Issuer as reported herein, an equal number of shares of Class B common stock of the Issuer held by the Reporting Persons were canceled for no consideration. Represents LLC Units of PHD Group Holdings sold by Berkshire Fund VIII, L.P. ("VIII") to the Issuer pursuant to the Purchase Agreement. Such securities may be deemed to be beneficially owned by BPH; BPSP; 8BA, its general partner; and BP, its investment adviser. BPH, BPSP, VIII, 8BA and BP are under common control and may be deemed to be, but do not admit to being, a group for purposes of Section 13(d)(3) of the Act. Each of BPH, BPSP, VIII, 8BA and BP disclaims beneficial ownership of any securities except to the extent of its pecuniary interest therein. Represents LLC Units of PHD Group Holdings sold by Berkshire Investors III LLC ("BI III") to the Issuer pursuant to the Purchase Agreement. BI III may be deemed to be, but does not admit to being, a member of a group holding over 10% of the outstanding common stock of the Issuer for purposes of Section 13(d)(3) of the Act and disclaims beneficial ownership of any securities except to the extent of its pecuniary interest therein. Represents LLC Units of PHD Group Holdings sold by Berkshire Investors IV LLC ("BI IV") to the Issuer pursuant to the Purchase Agreement. BI IV may be deemed to be, but does not admit to being, a member of a group holding over 10% of the outstanding common stock of the Issuer for purposes of Section 13(d)(3) of the Act and disclaims beneficial ownership of any securities except to the extent of its pecuniary interest therein. Richard Lubin previously served as a director on the Board of Directors of the Issuer until his retirement on October 30, 2023. Joshua Lutzker serves as a director on the Board of Directors of the Issuer as a representative of the Reporting Persons, certain of which may be deemed a director by deputization solely for purposes of Section 16 of the Act. /s/ See Signatures Included in Exhibit 99.1 2024-03-06 EX-99.1 2 ptlo-ex99_1.htm EX-99.1 EX-99.1

Exhibit 99.1

 

 

Joint Filer Information

 

 

Name of Joint Filer:

 

Berkshire Partners LLC

 

 

 

Address of Joint Filer:

 

200 Clarendon Street

35th Floor

Boston, MA 02116-5021

 

 

 

 

 

 

Issuer Name and Ticker or Trading Symbol:

 

Portillo’s, Inc. [PTLO]

 

 

 

Date of Earliest Transaction

(Month/Day/Year):

 

3/04/2024

 

 

 

Designated Filer:

 

Berkshire Partners LLC

 

 

 

 

 

 

 

 

 

 

 

 

Signature:

 

 

 

 

 

Berkshire Partners LLC

 

 

 

 

 

By: BPSP, L.P., its managing member

 

 

By: Berkshire Partners Holdings LLC, its general partner

 

 

 

 

 

/s/ Sharlyn C. Heslam

 

 

Name: Sharlyn C. Heslam

 

 

Title: Managing Director

 

 

 

 

 

3/06/2024

 

 

Date

 

 

 

Joint Filer Information

 

 

Name of Joint Filer:

 

Berkshire Fund VIII-A, L.P.

 

 

 

Address of Joint Filer:

 

200 Clarendon Street

35th Floor

Boston, MA 02116-5021

 

 

 

 

 

 

Issuer Name and Ticker or Trading Symbol:

 

Portillo’s, Inc. [PTLO]

 

 

 

Date of Earliest Transaction

(Month/Day/Year):

 

3/04/2024

 

 

 

Designated Filer:

 

Berkshire Partners LLC

 

 

 

 

 

 

 

 

 

 

 

 

Signature:

 

 

 

 

 

Berkshire Fund VIII-A, L.P.

 

 

 

 

 

By Eighth Berkshire Associates LLC,

 

 

its general partner

 

 

 

 

 

/s/ Sharlyn C. Heslam

 

 

Name: Sharlyn C. Heslam

 

 

Title: Managing Director

 

 

 

 

 

3/06/2024

 

 

Date

 

 

 

 

 

Joint Filer Information

 

 

Name of Joint Filer:

 

Berkshire Fund VIII, L.P.

 

 

 

Address of Joint Filer:

 

200 Clarendon Street

35th Floor

Boston, MA 02116-5021

 

 

 

 

 

 

Issuer Name and Ticker or Trading Symbol:

 

Portillo’s, Inc. [PTLO]

 

 

 

Date of Earliest Transaction

(Month/Day/Year):

 

3/04/2024

 

 

 

Designated Filer:

 

Berkshire Partners LLC

 

 

 

 

 

 

 

 

 

 

 

 

Signature:

 

 

 

 

 

Berkshire Fund VIII, L.P.

 

 

 

 

 

By Eighth Berkshire Associates LLC,

its general partner

 

 

 

 

 

 

 

 

/s/ Sharlyn C. Heslam

 

 

Name: Sharlyn C. Heslam

 

 

Title: Managing Director

 

 

 

 

 

3/06/2024

 

 

Date

 

 

 

 

 

Joint Filer Information

 

 

Name of Joint Filer:

 

Berkshire Investors III LLC

 

 

 

Address of Joint Filer:

 

200 Clarendon Street

35th Floor

Boston, MA 02116-5021

 

 

 

 

 

 

Issuer Name and Ticker or Trading Symbol:

 

Portillo’s, Inc. [PTLO]

 

 

 

Date of Earliest Transaction

(Month/Day/Year):

 

3/04/2024

 

 

 

Designated Filer:

 

Berkshire Partners LLC

 

 

 

 

 

 

 

 

 

 

 

 

Signature:

 

 

 

 

 

Berkshire Investors III LLC

 

 

 

 

 

 

 

 

 

 

 

 

 

 

/s/ Sharlyn C. Heslam

 

 

Name: Sharlyn C. Heslam

 

 

Title: Managing Director

 

 

 

 

 

3/06/2024

 

 

Date

 

 

 

 

 

Joint Filer Information

 

 

Name of Joint Filer:

 

Berkshire Investors IV LLC

 

 

 

Address of Joint Filer:

 

200 Clarendon Street

35th Floor

Boston, MA 02116-5021

 

 

 

 

 

 

Issuer Name and Ticker or Trading Symbol:

 

Portillo’s, Inc. [PTLO]

 

 

 

Date of Earliest Transaction

(Month/Day/Year):

 

3/04/2024

 

 

 

Designated Filer:

 

Berkshire Partners LLC

 

 

 

 

 

 

 

 

 

 

 

 

Signature:

 

 

 

 

 

Berkshire Investors IV LLC

 

 

 

 

 

 

 

 

 

 

 

 

 

 

/s/ Sharlyn C. Heslam

 

 

Name: Sharlyn C. Heslam

 

 

Title: Managing Director

 

 

 

 

 

3/06/2024

 

 

Date

 

 

 

 

 

Joint Filer Information

 

 

Name of Joint Filer:

 

Eighth Berkshire Associates LLC

 

 

 

Address of Joint Filer:

 

200 Clarendon Street

35th Floor

Boston, MA 02116-5021

 

 

 

 

 

 

Issuer Name and Ticker or Trading Symbol:

 

Portillo’s, Inc. [PTLO]

 

 

 

Date of Earliest Transaction

(Month/Day/Year):

 

3/04/2024

 

 

 

Designated Filer:

 

Berkshire Partners LLC

 

 

 

 

 

 

 

 

 

 

 

 

Signature:

 

 

 

 

 

Eighth Berkshire Associates LLC

 

 

 

 

 

 

 

 

 

 

 

 

 

 

/s/ Sharlyn C. Heslam

 

 

Name: Sharlyn C. Heslam

 

 

Title: Managing Director

 

 

 

 

 

3/06/2024

 

 

Date

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Joint Filer Information

 

 

Name of Joint Filer:

 

Berkshire Partners Holdings LLC

 

 

 

Address of Joint Filer:

 

200 Clarendon Street

35th Floor

Boston, MA 02116-5021

 

 

 

 

 

 

Issuer Name and Ticker or Trading Symbol:

 

Portillo’s, Inc. [PTLO]

 

 

 

Date of Earliest Transaction

(Month/Day/Year):

 

3/04/2024

 

 

 

Designated Filer:

 

Berkshire Partners LLC

 

 

 

 

 

 

 

 

 

 

 

 

Signature:

 

 

 

 

 

Berkshire Partners Holdings LLC

 

 

 

 

 

 

 

 

 

 

 

 

 

 

/s/ Sharlyn C. Heslam

 

 

Name: Sharlyn C. Heslam

 

 

Title: Managing Director

 

 

 

 

 

3/06/2024

 

 

Date

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Joint Filer Information

 

 

Name of Joint Filer:

 

BPSP, L.P.

 

 

 

Address of Joint Filer:

 

200 Clarendon Street

35th Floor

Boston, MA 02116-5021

 

 

 

 

 

 

Issuer Name and Ticker or Trading Symbol:

 

Portillo’s, Inc. [PTLO]

 

 

 

Date of Earliest Transaction

(Month/Day/Year):

 

3/04/2024

 

 

 

Designated Filer:

 

Berkshire Partners LLC

 

 

 

 

 

 

 

 

 

 

 

 

Signature:

 

 

 

 

 

BPSP, L.P.

 

 

 

 

 

By: Berkshire Partners Holdings LLC, its general partner

 

 

 

 

 

 

 

 

/s/ Sharlyn C. Heslam

 

 

Name: Sharlyn C. Heslam

 

 

Title: Managing Director

 

 

 

 

 

3/06/2024

 

 

Date