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Portillo wants to go public this year

Portillos Hot Dogs LLC plans to debut in the public markets this year, the latest in a series of IPOs by restaurant companies looking to capitalize on this year’s Wall Street rally.

The fast-casual chain, based in the suburbs of Chicago, is expected to submit a confidential draft of a registration statement to federal regulators as early as Friday, according to people close to the company. The chain, owned by private equity firm Berkshire Partners LLC, is targeting a valuation of $ 2.5 billion to $ 3 billion, people said. Trading in the shares is slated to begin late this year.

Nigeria’s inflation fell again in June despite rising food prices

IBADAN, Nigeria – Nigeria’s annual inflation rate fell from 17.93% in May to 17.75% in June, the National Bureau of Statistics said in a report on Friday.

The inflation rate has now fallen for three consecutive months, from 18.72% in March and 18.12% in April.

Inflation at Africa’s largest crude oil exporter has been in double digits for months as the coronavirus pandemic, uncertainty and land border closures to curb smuggling have disrupted sectors like agriculture, industrial production and transportation.

STORIES OF INTEREST

BrightFarms is recalling packaged lettuce over potential salmonella concerns

BrightFarms said late Thursday that it will voluntarily recall some of its packaged lettuce greens produced on a greenhouse farm in Rochelle, Illinois, over concerns about possible salmonella contamination.

The potentially affected products were sold in several Walmart Inc. stores in Illinois and Iowa, as well as several other grocery stores in Illinois, Wisconsin, and Indiana. Retailers have been urged to remove all affected products from their shelves, the company said.

Goldbelly’s Joe Ariel brings foodies and restaurants together

When Joe Ariel tried to start the restaurant delivery company Goldbelly in 2012, numerous potential investors told him his plan was misguided. A well-known venture capitalist for food startups described its business model as “stupid”.

Mr. Ariel believed in his gut instinct, or perhaps his gut, that it would be a blessing for both of them to have special dishes ordered from renowned restaurants across the country – pork buns from Momofuku in New York, crab cakes from Faidley’s in Baltimore foodies and restaurateurs. “But when the genius of the capital city hits you 50 or 60 times, you start to question yourself, to question everything,” he says.

FUTURE MARKETS

Pig Futures Rise, Cattle Fall As Meat Production Raises – Market Talk

2:25 PM ET – Pig futures up 1.3% while live cattle slid 0.8%. The USDA estimates beef production this week at £ 531 million, up 14% from the previous week, while pork rose to £ 479 million, up 18%. Slaughter also increased weekly by 14% and 19%. Overall, meat production in 2021 is 2.4% higher so far than it was a year ago, the USDA says. At the end of next week the agency will publish monthly data on the slaughter and storage of livestock as well as the report on the feed report. ([email protected]; @ptrevisani)

(END) Dow Jones Newswires

7/16/21 1732ET

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