Engaged Capital might have the recipe to build value for shareholders at Portillo's

Portillo 's is an iconic midwestern fast casual chain founded more than 60 years ago .

The company was acquired by private equity firm Berkshire Partners in 2014 from the founder for approximately $1 billion .

Berkshire has been selling its position down from 66% to 19% while the stock has declined back below its IPO price.

Engaged has had board seats at Del Frisco's , Jamba and Shake Shack.

Berkshire Partners' has taken Portillo 's out of the stone age into the 20th century .

If management cannot create shareholder value through these operational enhancements, there may be a strategic play.

This could be another private equity firm or a strategic investor.