Portillo's (PTLO) SC 13G/A Portillo's / Berkshire Partners ownership change

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 13G

(Amendment No. 3)

Under the Securities Exchange Act of 1934

PORTILLO’S INC.

(Name of Issuer)

Class A common stock, par value $0.01 per share

(Title of Class of Securities)

73642K106

(CUSIP Number)

September 30, 2024

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

☐ Rule 13d-1(b)

☐ Rule 13d-1(c)

☒ Rule 13d-1(d)

* The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter the disclosures provided in a prior cover page.

The information required in the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

CUSIP No. 73642K106 13G

1	Names of Reporting Persons  Berkshire Partners Holdings LLC
2	Check the Appropriate Box if a Member of a Group  (a) ☐  (b) ☒
3	SEC Use Only
4	Citizenship or Place of Organization  Delaware

Number of Shares  Beneficially  Owned by Each Reporting Person With:	5	Sole Voting Power  0
	6	Shared Voting Power  13,859,067
	7	Sole Dispositive Power  0
	8	Shared Dispositive Power  13,859,067

9	Aggregate Amount Beneficially Owned by Each Reporting Person  13,859,067
10	Check if the Aggregate Amount in Row (9) Excludes Certain Shares  ☐
11	Percent of Class Represented by Amount in Row (9)  19.0% *
12	Type of Reporting Person  OO

* Percentage calculations are based on 72,752,322 shares of Class A common stock outstanding, which is the sum of (i) 62,648,420 shares of Class A common stock outstanding as of October 29, 2024, as reported in the Issuer’s Quarterly Report on Form 10-Q for the quarterly period ended September 29, 2024, filed with the Securities and Exchange Commission (“SEC”) on November 5, 2024 (the “Form 10-Q”), and (ii) 10,103,902 units of PHD Group Holdings LLC (“LLC Units”) that are exchangeable for shares of Class A common stock on a one-for-one basis, which are beneficially owned by the Reporting Persons (as defined herein).

2

CUSIP No. 73642K106 13G

1	Names of Reporting Persons  BPSP, L.P.
2	Check the Appropriate Box if a Member of a Group  (a) ☐  (b) ☒
3	SEC Use Only
4	Citizenship or Place of Organization  Delaware

Number of Shares  Beneficially  Owned by Each Reporting Person With:	5	Sole Voting Power  0
	6	Shared Voting Power  13,859,067
	7	Sole Dispositive Power  0
	8	Shared Dispositive Power  13,859,067

9	Aggregate Amount Beneficially Owned by Each Reporting Person  13,859,067
10	Check if the Aggregate Amount in Row (11) Excludes Certain Shares  ☐
11	Percent of Class Represented by Amount in Row (9)  19.0% *
12	Type of Reporting Person  PN

* Percentage calculations are based on 72,752,322 shares of Class A common stock outstanding, which is the sum of (i) 62,648,420 shares of Class A common stock outstanding as of October 29, 2024, as reported in the Form 10-Q, and (ii) 10,103,902 LLC Units that are exchangeable for shares of Class A common stock on a one-for-one basis, which are beneficially owned by the Reporting Persons.

3

CUSIP No. 73642K106 13G

1	Names of Reporting Persons  Berkshire Partners LLC
2	Check the Appropriate Box if a Member of a Group  (a) ☐  (b) ☒
3	SEC Use Only
4	Citizenship or Place of Organization  Massachusetts

Number of Shares  Beneficially  Owned by Each Reporting Person With:	5	Sole Voting Power  0
	6	Shared Voting Power  13,859,067
	7	Sole Dispositive Power  0
	8	Shared Dispositive Power  13,859,067

9	Aggregate Amount Beneficially Owned by Each Reporting Person  13,859,067
10	Check if the Aggregate Amount in Row (11) Excludes Certain Shares  ☐
11	Percent of Class Represented by Amount in Row (9)  19.0% *
12	Type of Reporting Person  IA

* Percentage calculations are based on 72,752,322 shares of Class A common stock outstanding, which is the sum of (i) 62,648,420 shares of Class A common stock outstanding as of October 29, 2024, as reported in the Form 10-Q, and (ii) 10,103,902 LLC Units that are exchangeable for shares of Class A common stock on a one-for-one basis, which are beneficially owned by the Reporting Persons.

4

CUSIP No. 73642K106 13G

1	Names of Reporting Persons  Berkshire Fund VIII, L.P.
2	Check the Appropriate Box if a Member of a Group  (a) ☐  (b) ☒
3	SEC Use Only
4	Citizenship or Place of Organization  Delaware

Number of Shares  Beneficially  Owned by Each Reporting Person With:	5	Sole Voting Power  0
	6	Shared Voting Power  9,037,513
	7	Sole Dispositive Power  0
	8	Shared Dispositive Power  9,037,513

9	Aggregate Amount Beneficially Owned by Each Reporting Person  9,037,513
10	Check if the Aggregate Amount in Row (11) Excludes Certain Shares  ☐
11	Percent of Class Represented by Amount in Row (9)  12.6% *
12	Type of Reporting Person  PN

* Percentage calculations are based on 71,685,933 shares of Class A common stock outstanding which is the sum of (i) 62,648,420 shares of Class A common stock outstanding as of October 29, 2024, as reported in the Form 10-Q, and (ii) 9,037,513 LLC Units that are exchangeable for shares of Class A common stock on a one-for-one basis, which are directly owned by Berkshire Fund VIII, L.P.

5

CUSIP No. 73642K106 13G

1	Names of Reporting Persons  Berkshire Fund VIII-A, L.P.
2	Check the Appropriate Box if a Member of a Group  (a) ☐  (b) ☒
3	SEC Use Only
4	Citizenship or Place of Organization  Delaware

Number of Shares  Beneficially  Owned by Each Reporting Person With:	5	Sole Voting Power  0
	6	Shared Voting Power  3,755,165
	7	Sole Dispositive Power  0
	8	Shared Dispositive Power  3,755,165

9	Aggregate Amount Beneficially Owned by Each Reporting Person  3,755,165
10	Check if the Aggregate Amount in Row (11) Excludes Certain Shares  ☐
11	Percent of Class Represented by Amount in Row (9)  6.0% *
12	Type of Reporting Person  PN

* Percentage calculations are based on 62,648,420 shares of Class A common stock outstanding as of October 29, 2024, as reported in the Form 10-Q.

6

CUSIP No. 73642K106 13G

1	Names of Reporting Persons  Berkshire Investors III LLC
2	Check the Appropriate Box if a Member of a Group  (a) ☐  (b) ☒
3	SEC Use Only
4	Citizenship or Place of Organization  Massachusetts

Number of Shares  Beneficially  Owned by Each Reporting Person With:	5	Sole Voting Power  0
	6	Shared Voting Power  248,374
	7	Sole Dispositive Power  0
	8	Shared Dispositive Power  248,374

9	Aggregate Amount Beneficially Owned by Each Reporting Person  248,374
10	Check if the Aggregate Amount in Row (11) Excludes Certain Shares  ☐
11	Percent of Class Represented by Amount in Row (9)  0.4% *
12	Type of Reporting Person  OO

* Percentage calculations are based on 62,896,794 shares of Class A common stock outstanding which is the sum of (i) 62,648,420 shares of Class A common stock outstanding as of October 29, 2024, as reported in the Form 10-Q, and (ii) 248,374 LLC Units that are exchangeable for shares of Class A common stock on a one-for-one basis, which are directly owned by Berkshire Investors III LLC.

7

CUSIP No. 73642K106 13G

1	Names of Reporting Persons  Berkshire Investors IV LLC
2	Check the Appropriate Box if a Member of a Group  (a) ☐  (b) ☒
3	SEC Use Only
4	Citizenship or Place of Organization  Delaware

Number of Shares  Beneficially  Owned by Each Reporting Person With:	5	Sole Voting Power  0
	6	Shared Voting Power  818,015
	7	Sole Dispositive Power  0
	8	Shared Dispositive Power  818,015

9	Aggregate Amount Beneficially Owned by Each Reporting Person  818,015
10	Check if the Aggregate Amount in Row (11) Excludes Certain Shares  ☐
11	Percent of Class Represented by Amount in Row (9)  1.3% *
12	Type of Reporting Person  OO

* Percentage calculations are based on 63,466,435 shares of Class A common stock outstanding which is the sum of (i) 62,648,420 shares of Class A common stock outstanding as of October 29, 2024, as reported in the Form 10-Q, and (ii) 818,015 LLC Units that are exchangeable for shares of Class A common stock on a one-for-one basis, which are directly owned by Berkshire Investors IV LLC.

8

Item 1(a). Name of Issuer:

Portillo’s Inc. (“Issuer”)

Item 1(b). Address of Issuer’s Principal Executive Offices:

2001 Spring Road, Suite 400

Oak Brook, IL 60523

Item 2(a). Name of Person Filing:

This Statement is being filed on behalf of Berkshire Partner Holdings LLC (“BPH”), Berkshire Investors III LLC (“Berkshire Investors III”), Berkshire Investors IV LLC (“Berkshire Investors IV”), Berkshire Fund VIII-A, L.P. (“VIII-A”), Berkshire Fund VIII, L.P. (“VIII”), Berkshire Partners LLC (“BP”), and BPSP, L.P. (“BPSP”) (each, a “Reporting Person” and, collectively, the “Reporting Persons”). Certain of the Reporting Persons make acquisitions in, and dispose of, securities of an issuer on the same terms and conditions and at the same time.

BPH is the general partner of BPSP, which is the managing member of BP. Eighth Berkshire Associates LLC (“8BA”), which is managed by an investment committee of more than three members (the “Committee”), is the general partner of VIII and VIII-A. The Committee also manages each of Berkshire Investors III and Berkshire Investors IV. BP is the investment adviser for VIII and VIII-A. The Committee makes investment and voting decisions for VIII and VIII-A by majority vote. Based on the foregoing and the relationships described herein, the Reporting Persons may be deemed to constitute a “group” for purposes of Section 13(d) of the Act. The filing of this Statement shall not be construed as an admission that the Reporting Persons admit to being part of a group or have agreed to act as a group. Joshua Lutzker, a Managing Director of BP, is a director of the Issuer.

An agreement among the Reporting Persons that this Schedule 13G is filed on behalf of each of them is attached hereto as Exhibit 1.

Item 2(b). Address of Principal Business Office or, if none, Residence:

The following address is the principal business office of each of the Reporting Persons:

200 Clarendon Street, 35th Floor

Boston, Massachusetts 02116-5021

Item 2(c). Citizenship:

Each of BPH, BPSP, Berkshire Investors IV, VIII-A, and VIII is organized under the laws of the State of Delaware.

9

Each of BP and Berkshire Investors III is organized under the laws of the Commonwealth of Massachusetts.

Item 2(d). Title of Class of Securities:

Class A common stock, par value $0.01 per share, of the Issuer.

Item 2(e). CUSIP Number:

73642K106

Item 3. Not applicable.

Item 4. Ownership

(a) The responses of the Reporting Persons to Row (9) of the cover pages of this Statement are incorporated herein by reference. 8BA is the general partner of VIII and VIII-A. BP, a registered investment adviser, is the investment manager for VIII and VIII-A. As the managing member of BP, BPSP may be deemed to beneficially own the securities that are beneficially owned by BP. As the general partner of BPSP, BPH may be deemed to beneficially own the securities that are beneficially owned by BPSP. However, BPSP and BPH disclaim beneficial ownership of such securities, and the filing of this Statement shall not be construed as an admission that BPSP or BPH is, for the purpose of Section 13(d) of the Act, the beneficial owner of such securities beneficially owned by BP.

(b) The responses of the Reporting Persons to Row (11) of the cover pages of this Statement are incorporated herein by reference. As of September 30, 2024 the Reporting Persons beneficially owned in the aggregate 13,859,067 shares of Class A common stock, including 10,103,902 shares of Class A common stock issuable upon the conversion of an equal number of units of PHD Group Holdings LLC, representing approximately 19.0% of the shares of Class A common stock outstanding (based on the number of shares outstanding as of October 29, 2024, as provided in the Issuer’s Quarterly Report on Form 10-Q for the quarterly period ended September 29, 2024).

(c) The responses of the Reporting Persons to Rows (5) through (8) of the cover pages of this Statement are incorporated herein by reference.

Item 5. Ownership of Five Percent or Less of a Class 

Not applicable.

10

Item 6. Ownership of More Than Five Percent on Behalf of Another Person

Under certain circumstances, partners, members or managed accounts of a Reporting Person or another person named above in Item 4, as the case may be, could have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, shares of Class A common stock beneficially owned by such Reporting Person.

Item 7. Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company

Not applicable.

Item 8. Identification and Classification of Members of the Group

See Item 4(a) above.

Item 9. Notice of Dissolution of Group

Not applicable.

Item 10. Certification

Not applicable.

11

Signature

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Dated: November 13, 2024

BERKSHIRE PARTNERS HOLDINGS LLC
By:	/s/ Kenneth S. Bring
	Name: Kenneth S. Bring
	Title: Managing Director
BPSP, L.P.
By: Berkshire Partners Holdings LLC, its general partner
By:	/s/ Kenneth S. Bring
	Name: Kenneth S. Bring
	Title: Managing Director
BERKSHIRE PARTNERS LLC
By: BPSP, L.P., its managing member
By: Berkshire Partners Holdings LLC, its general partner
By:	/s/ Kenneth S. Bring
	Name: Kenneth S. Bring
	Title: Managing Director
BERKSHIRE FUND VIII, L.P.
By: Eighth Berkshire Associates LLC, its general partner
By:	/s/ Kenneth S. Bring
	Name: Kenneth S. Bring
	Title: Managing Director

12

BERKSHIRE FUND VIII-A, L.P.
By: Eighth Berkshire Associates LLC, its general partner
By:	/s/ Kenneth S. Bring
	Name: Kenneth S. Bring
	Title: Managing Director
BERKSHIRE INVESTORS III LLC
By:	/s/ Kenneth S. Bring
	Name: Kenneth S. Bring
	Title: Managing Director
BERKSHIRE INVESTORS IV LLC
By:	/s/ Kenneth S. Bring
	Name: Kenneth S. Bring
	Title: Managing Director

13

EXHIBIT INDEX

Exhibit No.	Description
1	Joint Filing Agreement by and among the Reporting Persons (incorporated by reference to Exhibit 1 of the Reporting Persons’ Schedule 13G filed with the SEC on February 14, 2022).

14