# EDGAR Filing Document

**Accession Number:** 0001871509
**File Stem:** 0000950170-25-108044
**Filing Date:** 2025-8
**Character Count:** 25701
**Document Hash:** 514b530d45141e94edd9feb8bef601d5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000950170-25-108044.hdr.sgml**: 20250813

**ACCESSION NUMBER**: 0000950170-25-108044

**CONFORMED SUBMISSION TYPE**: SCHEDULE 13G/A

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20250813

**DATE AS OF CHANGE**: 20250813

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Portillo's Inc.
- **CENTRAL INDEX KEY:** 0001871509
- **STANDARD INDUSTRIAL CLASSIFICATION:** RETAIL-EATING PLACES [5812]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 871104304
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1228

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13G/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-92973
- **FILM NUMBER:** 251211793

**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
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Berkshire Partners Holdings LLC
- **CENTRAL INDEX KEY:** 0001597786

**ORGANIZATION NAME:**
- **EIN:** 454029305
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13G/A

**BUSINESS ADDRESS:**
- **STREET 1:** 200 CLARENDON STREET
- **STREET 2:** 35TH FLOOR
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02116
- **BUSINESS PHONE:** (617) 227-0050

**MAIL ADDRESS:**
- **STREET 1:** 200 CLARENDON STREET
- **STREET 2:** 35TH FLOOR
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02116

### Attached PDF Documents

**Attachment 1:** `ck0000000000-ex99_1.pdf`

_No text found in this document._

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## SCHEDULE 13G

### Under the Securities Exchange Act of 1934

**(Amendment No. 4)**

**Issuer:** PORTILLO'S INC.

**Title of Class of Securities:** Class A common stock, $0.01 par value per share

**CUSIP Number:** 73642K106

**Date of Event Which Requires Filing of this Statement:** 06/30/2025

**Check the appropriate box to designate the rule pursuant to which this Schedule is filed:**

- [ ] Rule 13d-1(b)

- [ ] Rule 13d-1(c)

- [x] Rule 13d-1(d)

---

| 1. | Names of Reporting Persons<br>Berkshire Partners Holdings LLC | Names of Reporting Persons<br>Berkshire Partners Holdings LLC |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [x] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [x] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>DE | Citizenship or Place of Organization<br>DE |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>0 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>3859067 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>0 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>3859067 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>3859067 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>3859067 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>5.2% | Percent of Class Represented by Amount in Row (9)<br>5.2% |
| 12. | Type of Reporting Person (See Instructions)<br>OO | Type of Reporting Person (See Instructions)<br>OO |

**Comment for Type of Reporting Person:** Rows 6, 8 and 9 include 3,859,067 shares of Class A common stock outstanding, which is the sum of (i) 1,045,630 shares of Class A common stock held by Berkshire Fund VIII-A L.P., and (ii) 2,813,437 units of PHD Group Holdings LLC ("LLC Units") held by Berkshire Fund VIII, L.P., Berkshire Investors III LLC, and Berkshire Investors IV LLC.

Row 11 is based on 74,719,017 shares of Class A common stock outstanding, which is the sum of (i) 71,905,580 shares of Class A common stock outstanding as of July 29, 2025, as set forth in the Form 10-Q filed by the Issuer with the Commission on August 5, 2025, and (ii) 2,813,437 LLC Units that are exchangeable for shares of Class A common stock on a one-for-one basis, which are beneficially owned by the Reporting Persons.

---

| 1. | Names of Reporting Persons<br>BPSP, L.P. | Names of Reporting Persons<br>BPSP, L.P. |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [x] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [x] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>DE | Citizenship or Place of Organization<br>DE |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>0 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>3859067 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>0 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>3859067 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>3859067 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>3859067 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>5.2% | Percent of Class Represented by Amount in Row (9)<br>5.2% |
| 12. | Type of Reporting Person (See Instructions)<br>PN | Type of Reporting Person (See Instructions)<br>PN |

**Comment for Type of Reporting Person:** Rows 6, 8 and 9 include 3,859,067 shares of Class A common stock outstanding, which is the sum of (i) 1,045,630 shares of Class A common stock held by Berkshire Fund VIII-A L.P., and (ii) 2,813,437 LLC Units held by Berkshire Fund VIII, L.P., Berkshire Investors III LLC, and Berkshire Investors IV LLC.

Row 11 is based on 74,719,017 shares of Class A common stock outstanding, which is the sum of (i) 71,905,580 shares of Class A common stock outstanding as of July 29, 2025, as set forth in the Form 10-Q filed by the Issuer with the Commission on August 5, 2025, and (ii) 2,813,437 LLC Units that are exchangeable for shares of Class A common stock on a one-for-one basis, which are beneficially owned by the Reporting Persons.

---

| 1. | Names of Reporting Persons<br>Berkshire Partners LLC | Names of Reporting Persons<br>Berkshire Partners LLC |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [x] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [x] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>MA | Citizenship or Place of Organization<br>MA |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>0 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>3859067 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>0 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>3859067 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>3859067 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>3859067 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>5.2% | Percent of Class Represented by Amount in Row (9)<br>5.2% |
| 12. | Type of Reporting Person (See Instructions)<br>IA | Type of Reporting Person (See Instructions)<br>IA |

**Comment for Type of Reporting Person:** Rows 6, 8 and 9 include 3,859,067 shares of Class A common stock outstanding, which is the sum of (i) 1,045,630 shares of Class A common stock held by Berkshire Fund VIII-A L.P., and (ii) 2,813,437 LLC Units held by Berkshire Fund VIII, L.P., Berkshire Investors III LLC, and Berkshire Investors IV LLC.

Row 11 is based on 74,719,017 shares of Class A common stock outstanding, which is the sum of (i) 71,905,580 shares of Class A common stock outstanding as of July 29, 2025, as set forth in the Form 10-Q filed by the Issuer with the Commission on August 5, 2025, and (ii) 2,813,437 LLC Units that are exchangeable for shares of Class A common stock on a one-for-one basis, which are beneficially owned by the Reporting Persons.

---

| 1. | Names of Reporting Persons<br>Berkshire Fund VIII, L.P. | Names of Reporting Persons<br>Berkshire Fund VIII, L.P. |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [x] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [x] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>DE | Citizenship or Place of Organization<br>DE |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>0 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>2516498 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>0 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>2516498 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>2516498 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>2516498 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>3.4% | Percent of Class Represented by Amount in Row (9)<br>3.4% |
| 12. | Type of Reporting Person (See Instructions)<br>PN | Type of Reporting Person (See Instructions)<br>PN |

**Comment for Type of Reporting Person:** Row 11 is based on 74,422,078 shares of Class A common stock outstanding, which is the sum of (i) 71,905,580 shares of Class A common stock outstanding as of July 29, 2025, as set forth in the Form 10-Q filed by the Issuer with the Commission on August 5, 2025, and (ii) 2,516,498 LLC Units that are exchangeable for shares of Class A common stock on a one-for-one basis, which are directly owned by Berkshire Fund VIII, L.P.

---

| 1. | Names of Reporting Persons<br>Berkshire Fund VIII-A, L.P. | Names of Reporting Persons<br>Berkshire Fund VIII-A, L.P. |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [x] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [x] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>DE | Citizenship or Place of Organization<br>DE |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>0 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>1045630 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>0 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>1045630 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>1045630 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>1045630 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>1.5% | Percent of Class Represented by Amount in Row (9)<br>1.5% |
| 12. | Type of Reporting Person (See Instructions)<br>PN | Type of Reporting Person (See Instructions)<br>PN |

**Comment for Type of Reporting Person:** Row 11 is based on 71,905,580 shares of Class A common stock outstanding as of July 29, 2025, as set forth in the Form 10-Q filed by the Issuer with the Commission on August 5, 2025.

---

| 1. | Names of Reporting Persons<br>Berkshire Investors III LLC | Names of Reporting Persons<br>Berkshire Investors III LLC |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [x] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [x] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>MA | Citizenship or Place of Organization<br>MA |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>0 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>69164 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>0 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>69164 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>69164 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>69164 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>0.1% | Percent of Class Represented by Amount in Row (9)<br>0.1% |
| 12. | Type of Reporting Person (See Instructions)<br>OO | Type of Reporting Person (See Instructions)<br>OO |

**Comment for Type of Reporting Person:** Row 11 is based on 71,974,744 shares of Class A common stock outstanding, which is the sum of (i) 71,905,580 shares of Class A common stock outstanding as of July 29, 2025, as set forth in the Form 10-Q filed by the Issuer with the Commission on August 5, 2025, and (ii) 69,164 LLC Units that are exchangeable for shares of Class A common stock on a one-for-one basis, which are directly owned by the Berkshire Investors III LLC.

---

| 1. | Names of Reporting Persons<br>Berkshire Investors IV LLC | Names of Reporting Persons<br>Berkshire Investors IV LLC |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [x] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [x] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>DE | Citizenship or Place of Organization<br>DE |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>0 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>227775 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>0 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>227775 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>227775 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>227775 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>3.2% | Percent of Class Represented by Amount in Row (9)<br>3.2% |
| 12. | Type of Reporting Person (See Instructions)<br>OO | Type of Reporting Person (See Instructions)<br>OO |

**Comment for Type of Reporting Person:** Row 11 is based on 72,133,352 shares of Class A common stock outstanding, which is the sum of (i) 71,905,580 shares of Class A common stock outstanding as of July 29, 2025, as set forth in the Form 10-Q filed by the Issuer with the Commission on August 5, 2025, and (ii) 227,775 LLC Units that are exchangeable for shares of Class A common stock on a one-for-one basis, which are beneficially owned by the Berkshire Investors IV LLC.

---

**Item 1(a). Name of Issuer:**
PORTILLO'S INC.

**Item 1(b). Address of Issuer's Principal Executive Offices:**
2001 Spring Road, Suite 400, Oak Brook, IL 605523

**Item 2(a). Name of Person Filing:**
This Statement is being filed on behalf of Berkshire Partner Holdings LLC ("BPH"), Berkshire Investors III LLC ("Berkshire Investors III"), Berkshire Investors IV LLC ("Berkshire Investors IV"), Berkshire Fund VIII-A, L.P. ("VIII-A"), Berkshire Fund VIII, L.P. ("VIII"), Berkshire Partners LLC ("BP"), and BPSP, L.P. ("BPSP") (each, a "Reporting Person" and, collectively, the "Reporting Persons"). Certain of the Reporting Persons make acquisitions in, and dispose of, securities of an issuer on the same terms and conditions and at the same time.

BPH is the general partner of BPSP, which is the managing member of BP. Eighth Berkshire Associates LLC ("8BA"), which is managed by an investment committee of more than three members (the "Committee"), is the general partner of VIII and VIII-A. The Committee also manages each of Berkshire Investors III and Berkshire Investors IV. BP is the investment adviser for VIII and VIII-A. The Committee makes investment and voting decisions for VIII and VIII-A by majority vote. Based on the foregoing and the relationships described herein, the Reporting Persons may be deemed to constitute a "group" for purposes of Section 13(d) of the Act. The filing of this Statement shall not be construed as an admission that the Reporting Persons admit to being part of a group or have agreed to act as a group. Joshua Lutzker, a Managing Director of BP, is a director of the Issuer.

An agreement among the Reporting Persons that this Schedule 13G is filed on behalf of each of them is attached hereto as Exhibit 1.

**Item 2(b). Address of Principal Business Office:**
The following address is the principal business office of each of the Reporting Persons:

200 Clarendon Street, 35th Floor

Boston, Massachusetts 02116-5021

**Item 2(c). Citizenship:**
Each of BPH, BPSP, Berkshire Investors IV, VIII-A, and VIII is organized under the laws of the State of Delaware. Each of BP and Berkshire Investors III is organized under the laws of the Commonwealth of Massachusetts.

**Item 2(d). Title of Class of Securities:**
Class A common stock, $0.01 par value per share

**Item 2(e). CUSIP Number:**
73642K106

**Item 3. If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:**

(a) [ ] Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o).

(b) [ ] Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c).

(c) [ ] Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c).

(d) [ ] Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8).

(e) [ ] An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);

(f) [ ] An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);

(g) [ ] A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);

(h) [ ] A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);

(i) [ ] A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);

(j) [ ] A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), if filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:

(k) [ ] Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).

**Item 4. Ownership:**

**(a) Amount beneficially owned:**

The responses of the Reporting Persons to Row (9) of the cover pages of this Statement are incorporated herein by reference. 8BA is the general partner of VIII and VIII-A. BP, a registered investment adviser, is the investment manager for VIII and VIII-A. As the managing member of BP, BPSP may be deemed to beneficially own the securities that are beneficially owned by BP. As the general partner of BPSP, BPH may be deemed to beneficially own the securities that are beneficially owned by BPSP. However, BPSP and BPH disclaim beneficial ownership of such securities, and the filing of this Statement shall not be construed as an admission that BPSP or BPH is, for the purpose of Section 13(d) of the Act, the beneficial owner of such securities beneficially owned by BP.

**(b) Percent of class:**

The responses of the Reporting Persons to Row (11) of the cover pages of this Statement are incorporated herein by reference. As of June 29, 2025 the Reporting Persons beneficially owned in the aggregate 3,859,067 shares of Class A common stock, including 2,813,437 shares of Class A common stock issuable upon the conversion of an equal number of units of PHD Group Holdings LLC, representing approximately 5.2% of the shares of Class A common stock outstanding (based on the number of shares outstanding as of July 29, 2025, as provided in the Issuer's Quarterly Report on Form 10-Q for the quarterly period ended June 29, 2025).

**(c) Number of shares as to which the person has:**

**(i) Sole power to vote or to direct the vote:**

The responses of the Reporting Persons to Rows (5) through (8) of the cover pages of this Statement are incorporated herein by reference.

**(ii) Shared power to vote or to direct the vote:**

The responses of the Reporting Persons to Rows (5) through (8) of the cover pages of this Statement are incorporated herein by reference.

**(iii) Sole power to dispose or to direct the disposition of:**

The responses of the Reporting Persons to Rows (5) through (8) of the cover pages of this Statement are incorporated herein by reference.

**(iv) Shared power to dispose or to direct the disposition of:**

The responses of the Reporting Persons to Rows (5) through (8) of the cover pages of this Statement are incorporated herein by reference.

**Item 5. Ownership of Five Percent or Less of a Class.**

[x] If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than five percent of the class of securities, check the following.

**Item 6. Ownership of More than 5 Percent on Behalf of Another Person.**

Under certain circumstances, partners, members or managed accounts of a Reporting Person or another person named above in Item 4, as the case may be, could have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, shares of Class A common stock beneficially owned by such Reporting Person.

**Item 7. Identification and Classification of the Subsidiary**

Not Applicable

**Item 8. Identification and Classification of Members of the Group**

See Item 4(a) above.

**Item 9. Notice of Dissolution of Group**

Not Applicable

**Item 10. Certification:**

—

### SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Berkshire Partners Holdings LLC**

**Date:** 08/13/2025

**By:** /s/ Kenneth S. Bring

**Name & Title:** Kenneth S. Bring - Managing Director

**BPSP, L.P.**

**Date:** 08/13/2025

**By:** /s/ Kenneth S. Bring

**Name & Title:** By: Berkshire Partners Holdings LLC, its general partner & By: Kenneth S. Bring - Managing Director

**Berkshire Partners LLC**

**Date:** 08/13/2025

**By:** /s/ Kenneth S. Bring

**Name & Title:** By: BPSP, L.P., its managing member; By: Berkshire Partners Holdings, LLC, its general partner; & By: Kenneth S. Bring - Managing Director

**Berkshire Fund VIII, L.P.**

**Date:** 08/13/2025

**By:** /s/ Kenneth S. Bring

**Name & Title:** By: Eighth Berkshire Associates LLC, its general partner & By: Kenneth S. Bring - Managing Director

**Berkshire Fund VIII-A, L.P.**

**Date:** 08/13/2025

**By:** /s/ Kenneth S. Bring

**Name & Title:** By: Eighth Berkshire Associates LLC, its general partner & By: Kenneth S. Bring - Managing Director

**Berkshire Investors III LLC**

**Date:** 08/13/2025

**By:** /s/ Kenneth S. Bring

**Name & Title:** Kenneth S. Bring - Managing Director

**Berkshire Investors IV LLC**

**Date:** 08/13/2025

**By:** /s/ Kenneth S. Bring

**Name & Title:** Kenneth S. Bring - Managing Director