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

Portillo’s Inc. (Portillo’s or the Company) (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 approximately US$116 million (assuming the underwriters do not exercise their option to purchase additional shares). The offering is expected to close on March 4, 2024, subject to customary closing conditions.

Latham & Watkins LLP is representing the underwriters in the offering, with a capital markets team led by New York partners Marc Jaffe, Ian Schuman, and Adam Gelardi, with associates Sara Johnson, MacLane Taggart, and Emma Fichtel. Advice was also provided on tax matters by Washington, D.C. partner Andrea Ramezan-Jackson, with associate Ryan Brenner.