A few weeks back, Chicago based Portillo’s announced the possibility of a sale. Fans across the four states Portillo’s operates in (not to mention the whole country) were shocked, and saddened of the news. “What would Portillo’s be without Dick Portillo?” fans questioned. “Would the quality of food and service remain consistent without it’s founder?”
The Chicago Tribune took this topic head on in their most recent article debuting the Portillo sale. Found here, the Tribune believes that due to the high quality Portillo has maintained throughout his 51 years in business and the tremendous following he has built, that Portillo’s could, in fact, remain Portillo’s.
To add to that point, Dick Portillo has been quoted numerous times saying that this is only a possibility of a sale and that if he doesn’t find the right buyer he doesn’t have to sell. We’d all like to interpret this that if he doesn’t find someone who will maintain his standards than he won’t sell. But chances are he also means that if the right number isn’t thrown out he won’t sell.
Currently the discussed value of Portillo’s is approximately $250 million. A Crowdtilt campaign was started by a fan of Portillo’s, urging other fan’s to raise $300 million in funds to purchase the organization. As of a few days ago the campaign had raised a mere $11,800. However, famous business owner and entrepreneur Marcus Lemonis, does have the funds to put a true offer on the table. In fact, Lemonis has tweeted of his “interest in the company.” (If you’re not familiar with Lemonis you can find him on CNBC’s “The Profit.”)
How do you feel about the possibility of a Portillo’s sale? Who would you like to see buy the organization?