The Portillo Restaurant Group is exploring financial alternatives, including a possible sale of the Portillo's division, the company said on Wednesday.
'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,' President, CEO and Founder Richard Portillo said in a statement.
The Oak Brook-based company said it has hired Piper Jaffray & Co. as its financial adviser as it evaluates alternatives.
Portillo, which calls itself the Midwest's largest privately-held restaurant company, has 38 Portillo's locations in Illinois, Indiana, California and Arizona, serving such fare as hot dogs and Italian beef sandwiches. In 2013, sales at the Portillo's chain topped $300 million.
'This is a thriving business poised to launch to the next level, presenting an incredible opportunity for employees and investors,' Portillo added.
The Wall Street Journal reported the news earlier on Wednesday.
Privately-owned Portillo Restaurant Group got its start in 1963 when Dick Portillo began selling hot dogs from the Dog House, a small trailer in Villa Park. The company's other brands include Barnelli's Pasta Bowl, Honey-Jam Cafe and Luigi's House.
Portillo's potential sale comes as investor interest in the so-called fast casual restaurant segment has taken off. Fast casual chains sell food at slightly higher prices than fast food chains and typically make food to order. Chicago-based Potbelly, another player in the segment, went public in 2013.
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