However, that's not to say that a sale or IPO is impossible. Pace Foods, the maker of Pace Picante, was a family-owned business in Paris, Texas, that sold to Camden, New Jersey–based Campbell Soup (CPB -1.82%) in 1994.
Lone Star beer was bought in 1999 by the Milwaukee-founded Pabst Brewing Co. but returned to its San Antonio headquarters in 2020. Even the iconic Whataburger, a source of comfort food for Texans since the 1950s, was sold in 2019 to a Chicago-based private equity firm.
Even though it's not outside the realm of possibility, it remains highly unlikely that the Butt family will decide to go public with the fifth-largest private company in the United States.
When will H-E-B IPO?
As mentioned, the Texas grocer has announced no plans for an IPO. However, an H-E-B IPO would likely attract widespread interest, both inside and outside of Texas.