<SEC-DOCUMENT>0001193125-21-302530.txt : 20211118
<SEC-HEADER>0001193125-21-302530.hdr.sgml : 20211118
<ACCEPTANCE-DATETIME>20211020071030
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-21-302530
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20211020

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Portillo's Inc.
		CENTRAL INDEX KEY:			0001871509
		STANDARD INDUSTRIAL CLASSIFICATION:	RETAIL-EATING PLACES [5812]
		IRS NUMBER:				871104304
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1226

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		C/O THE PORTILLO RESTAURANT GROUP
		STREET 2:		2001 SPRING ROAD, SUITE 400
		CITY:			OAK BROOK
		STATE:			IL
		ZIP:			60523-1903
		BUSINESS PHONE:		(630) 954-3773

	MAIL ADDRESS:	
		STREET 1:		C/O THE PORTILLO RESTAURANT GROUP
		STREET 2:		2001 SPRING ROAD, SUITE 400
		CITY:			OAK BROOK
		STATE:			IL
		ZIP:			60523-1903
</SEC-HEADER>
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<TYPE>CORRESP
<SEQUENCE>1
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 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">767 Fifth Avenue </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">New York, NY 10153-0119 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">+1 212 310
8000 tel </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">+1 212 310 8007 fax </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">October&nbsp;20, 2021 </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>VIA EDGAR TRANSMISSION
</I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Tony Watson </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Angela Lumley </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Stacey Peikin </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Mara Ransom Staff Attorneys </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Office of Trade&nbsp;&amp; Service </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Securities and Exchange
Commission </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of Corporation Finance </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">100 F Street NE
</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Washington, D.C. 20549-3561 </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>Re:</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Portillo&#146;s Inc. </B></P></TD></TR></TABLE>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman"><B>Registration Statement on Form <FONT STYLE="white-space:nowrap">S-1</FONT> </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman"><B>Filed October&nbsp;12, 2021 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman"><B>File <FONT STYLE="white-space:nowrap">No.&nbsp;333-259810</FONT> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dear Mr.&nbsp;Watson, Ms.&nbsp;Lumley, Ms.&nbsp;Peikin and Ms.&nbsp;Ransom: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">On behalf of our client, Portillo&#146;s Inc., a Delaware corporation (the &#147;Company&#148;), set forth below are the Company&#146;s
responses to the comments of the Staff communicated in its letter addressed to the Company, dated October&nbsp;19, 2021. In connection with such responses, the Company will be confidentially submitting, electronically via EDGAR, Amendment No.&nbsp;5
(&#147;Amendment No.&nbsp;5&#148;) to the Registration Statement on Form <FONT STYLE="white-space:nowrap">S-1</FONT> of the Company (CIK No.&nbsp;0001871509) (the &#147;Registration Statement&#148;). We will send to the Staff under separate cover
courtesy copies of Amendment No.&nbsp;5, including copies marked to show the changes effected by Amendment No.&nbsp;5. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">For ease of
reference, each of the Staff&#146;s comments are reproduced below in bold and are followed by the Company&#146;s response. In addition, unless otherwise indicated, all references to page numbers in such responses are to page numbers in Amendment
No.&nbsp;5. Capitalized terms used in this letter but not otherwise defined herein shall have the meaning ascribed to such term in Amendment No.&nbsp;5. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Amendment No.&nbsp;3 to Registration Statement on Form <FONT STYLE="white-space:nowrap">S-1</FONT> filed October&nbsp;12, 2021 </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Recent Developments, page 17 </U></B></P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>1.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>If you choose to disclose preliminary results, you should be able to assert that the actual results are not
expected to vary materially from that reflected in the preliminary results. Accordingly, please remove your indication that &#147;adjustments may be material,&#148; as it implies that investors should not rely on the information presented, or
explain why the presentation of this information alongside such a disclaimer provides meaningful disclosure to investors. </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">The Company respectfully acknowledges the Staff&#146;s comment and has revised the disclosure on page 17 of the Registration Statement
accordingly. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>2.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Please advise us why you believe that presenting your operating income and net income without providing
estimated disclosure regarding changes in other financial statement line items during the same period, such as costs and expenses, is appropriate and does not provide investors with an incomplete picture of your results of operations.
</B></P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">The Company respectfully advises the Staff that the Company believes that disclosure of the Company&#146;s estimated
range of operating income and net income are useful for potential investors by allowing such investors to gain a preliminary understanding of the Company&#146;s financial performance for the quarter ended September 26, 2021. In presenting operating
income and net income, the Company believes that investors will be able to assess the overall trends for the Company&#146;s financial performance for the quarter ended September 26, 2021 compared to the same period in the prior year. The Company is
currently unable to provide a range for other financial statement line items for the same period, such as costs of goods sold, excluding depreciation, labor, occupancy, and other operating expenses, due to the additional time required to close the
Company&#146;s accounts. Nevertheless, the Company has included an estimate of the total operating expenses for the quarter ended September 27, 2021 and additional disclosure to regarding the factors affecting costs and expenses in the period. See
pages 17 and 18 of the Registration Statement. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Capitalization, page 80 </U></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>3.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>We note your disclosure that the &#147;as adjusted&#148; presentation reflects the Reorganization
Transactions. This appears to be inconsistent with the pro forma presentation before the offering adjustments on page 90. It appears the balances presented here represent the &#147;offering adjustments&#148; presented in the pro forma balance sheet
on page 90. Please clarify or revise. </B></P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">The Company respectfully acknowledges the Staff&#146;s comment and has revised
the disclosure on page 80 of the Registration Statement accordingly. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Unaudited Pro Forma Consolidated Financial Information, page 84 </U></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>4.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Your disclosure in the fourth bullet point on page 84 discloses net proceeds of $344.4&nbsp;million after
deducting underwriter discounts and commissions but before offering costs. This appears to be inconsistent with the reconciliation in note (1)&nbsp;on page 91 which states the net proceeds received after deducting underwriter discounts and
commissions but before offering costs is&nbsp;$352.5&nbsp;million.&nbsp;Please clarify or revise. </B></P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">The Company
respectfully acknowledges the Staff&#146;s comment and has revised the disclosure on page 84 of the Registration Statement accordingly to change $344.5&nbsp;million to $352.5&nbsp;million, which is estimated net proceeds received after deducting
underwriter discounts and commissions but before offering costs. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Unaudited Pro Forma Consolidated Statement of Operations, page 86 </U></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>5.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Please revise your line for net income (loss) for the year ended December&nbsp;27, 2020 and for the two
quarters ended June&nbsp;27, 2021 to income (loss) before income taxes or revise your presentation to disclose income tax expense before your calculations of net income (loss). Please refer to the guidance in ASC <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">220-10-55.</FONT></FONT> </B></P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">The Company respectfully acknowledges the Staff&#146;s comment
and has revised the disclosure on pages 86 and 87 of the Registration Statement accordingly. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>6.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Please tell us your consideration of providing the historical basic and diluted per share amounts and
weighted average number of shares outstanding during the periods presented for Portillo&#146;s OpCo and Pro forma before offering adjustments of Portillo&#146;s Inc.&nbsp;Please refer to Rule <FONT STYLE="white-space:nowrap">11-02(a)(9)</FONT> of
Regulation <FONT STYLE="white-space:nowrap">S-X.</FONT> </B></P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">The Company respectfully acknowledges the Staff&#146;s
comment and has revised the disclosure on pages 86 and 87 of the Registration Statement accordingly. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Unaudited Pro Forma Consolidated Balance Sheet,
page 90 </U></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>7.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>We note from the disclosure in adjustment 9 on page 93 that under the Amended LLC Agreement, holders of LLC
Units will have the right to require Portillo&#146;s OpCo to redeem all or a portion of their LLC Units. Please tell us how you considered the guidance in ASC <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">480-10-S99</FONT></FONT>
to determine&nbsp;that your contingently redeemable <FONT STYLE="white-space:nowrap">non-controlling</FONT> interest should be classified as permanent equity on your pro forma balance sheet. </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">The Company respectfully acknowledges the Staff&#146;s comment and will change the Amended LLC Agreement to provide that holders of LLC Units
(the &#147;Holders&#148;) will receive newly issued shares of Class&nbsp;A common stock upon redemption. As a result, based on the guidance in ASC <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">480-10-S99</FONT></FONT> the Company
has concluded that permanent equity classification of the <FONT STYLE="white-space:nowrap">non-controlling</FONT> interest is acceptable as: Portillo&#146;s Opco has an unconditional right, intent and ability to satisfy the redemption by exchanging
the LLC Units for a permanent equity security and, per the terms of the Amended LLC Agreement, the Holders do not have a right to redeem all or a portion of their LLC Units for cash. As such, the Company has revised its disclosure in adjustment 9 on
page 94 to further explain its considerations in concluding permanent equity classification is appropriate. Additionally, the Company has revised its disclosure regarding the redemption feature in the Amended LLC Agreement on pages 13, 15, 24, 73,
74, 84, 94, 159, and 171 of the Registration Statement accordingly. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Notes to Unaudited Pro Forma Consolidated Balance Sheet, page 91 </U></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>8.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Please make it transparent how you calculated amounts for the transaction accounting adjustments column and
the offering adjustments column for adjustments (5), (6), (7) and (9). </B></P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">The Company respectfully acknowledges the
Staff&#146;s comment and has revised the disclosure on pages 92, 93 and 94 of the Registration Statement accordingly. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Should any questions arise in connection with the filing or this response letter, please
contact the undersigned at (212) <FONT STYLE="white-space:nowrap">310-8971.</FONT> </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Sincerely yours,</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Alexander D. Lynch</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Alexander D. Lynch</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Weil, Gotshal &amp; Manges LLP</P></TD></TR>
</TABLE></DIV> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">cc:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Michelle Hook </P></TD></TR></TABLE>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Chief Financial Officer </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Portillo&#146;s Inc. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">4 </P>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
