Popular Chicago-area chain Portillo's reportedly has agreed to an investment from a buyout firm.
Dick Portillo, founder and owner of the Oak Brook-based company, confirmed the investment with Berkshire Partners LLC to the Chicago Tribune, noting the company wanted "an experienced partner that shared our vision for the company and an appreciation for our culture."
Though it's not clear whether the partnership includes the entire company, Reuters reports Berkshire could acquire Portillo's Restaurant Group for close to $1 billion.
The company is the largest privately owned restaurant chain in the Midwest and boasts more than three dozen restaurants in Illinois, Indiana, Arizona and California. It's known for its Chicago-style hot dogs and Italian beef sandwiches.
The owners announced in May their decision to consider selling the brand. They said at the time the company is poised to be taken to the next level.
Shortly after the announcement, Camping World CEO and reality show star Marcus Lemonis said he was interested in purchasing Portillo's 38 restaurants.
The Lake Forest resident even tweeted his interest at the time, saying Portillo's has "the best beef sandwich."