Berkshire Partners LLC's Form 4 filing
Portillo's Inc.PTLO · filed May 21, 2025
- Accession no.
- 0000950170-25-076001
- Filed
- May 21, 2025, 9:05 PM ET
- Trade date
- May 19, 2025
- Filing delay
- 2 days
- Rule 10b5-1 plan
- Not checked
This filing lists 7 non-derivative transactions and 3 derivative transactions. Open-market sales total $122.3M. It was filed 2 days after the trade.
Reporting owners
A Form 4 can have several reporting owners, such as a person and a fund they control. Trade tables show the first one.
| Owner | Relationship to the company |
|---|---|
| Berkshire Partners LLCCIK 0001312988 | Director, 10% Owner |
| Berkshire Investors III LLCCIK 0001505184 | Director, 10% Owner |
| Berkshire Investors IV LLCCIK 0001505185 | Director, 10% Owner |
| Berkshire Fund VIII-A, L.P.CIK 0001514454 | Director, 10% Owner |
| Berkshire Fund VIII, L.P.CIK 0001514470 | Director, 10% Owner |
| Berkshire Partners Holdings LLCCIK 0001597786 | Director, 10% Owner |
| BPSP, L.P.CIK 0001597787 | Director, 10% Owner |
| Lutzker Joshua AdamCIK 0001886815 | Director |
| Eighth Berkshire Associates LLCCIK 0001888111 | Director, 10% Owner |
Non-derivative securities (Table I)
Acquisitions and disposals of common stock and similar shares, one row per line on the filing.
| Trade date | Security | Transaction | Shares | Price | Value | Shares after | Ownership | Flags |
|---|---|---|---|---|---|---|---|---|
| May 19, 2025 | Class A Common Stock | CConversionAcquired | +6,521,015 | –F5 | – | 6,521,015 | Indirect | |
| May 19, 2025 | Class A Common Stock | SSaleDisposed | −6,521,015 | $12.23 | −$79,752,013.45 | 0 | Indirect | |
| May 19, 2025 | Class A Common Stock | CConversionAcquired | +179,210 | –F5 | – | 179,210 | Indirect | |
| May 19, 2025 | Class A Common Stock | SSaleDisposed | −179,210 | $12.23 | −$2,191,738.3 | 0 | Indirect | |
| May 19, 2025 | Class A Common Stock | CConversionAcquired | +590,240 | –F5 | – | 590,240 | Indirect | |
| May 19, 2025 | Class A Common Stock | SSaleDisposed | −590,240 | $12.23 | −$7,218,635.2 | 0 | Indirect | |
| May 19, 2025 | Class A Common Stock | SSaleDisposed | −2,709,535 | $12.23 | −$33,137,613.05 | 1,045,630 | Indirect |
Derivative securities (Table II)
Options, warrants, restricted stock units and similar. Shares are the underlying shares; price and value are for the derivative itself, and the holding after is in derivative units.
| Trade date | Security | Transaction | Underlying shares | Unit price | Value | Held after | Ownership | Flags |
|---|---|---|---|---|---|---|---|---|
| May 19, 2025 | Class A Common Stock | CConversionDisposed | −6,521,015 | –F5 | – | 2,516,498 | Indirect | |
| May 19, 2025 | Class A Common Stock | CConversionDisposed | −179,210 | –F5 | – | 69,164 | Indirect | |
| May 19, 2025 | Class A Common Stock | CConversionDisposed | −590,240 | –F5 | – | 227,775 | Indirect |
Footnotes and remarks
Livermore keeps the footnotes that transaction prices refer to, all footnotes of amendments (Form 4/A) and the filing's remarks. Other footnotes, such as how indirect holdings are held or the details of a trading plan, are only in the original on SEC EDGAR.
- F5
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 as set forth therein. The LLC Units have no expiration date.
Referenced by the price of 3 transactions in Table I and 3 transactions in Table II.