5 months ago
19
A Jamaican investment group, led by Norbrook Equity Partners Limited, has bought into the KFC and Dairy Queen franchises in Panama.
Norbrook, backed by JMMB Group, along with minority investors Sygnus Deneb Investments, and FirstRock Private Equity, has announced the acquisition of 79 quick service restaurants in Panama from Franquicias Panameñas SA. The deal covers 50 KFC outlets and 29 DQ outlets and establishes Norbrook as the exclusive franchisee for both brands in the Central American country.
FranPan is a 60-year-old family-run operation that was once the largest fast-food franchise operator in Panama with over 200 restaurants across various brands, including KFC, Dairy Queen, Taco Bell, Pizza Hut, Quiznos, Pizza Pizza, and Chili’s. Sources close to the deal indicate that the company decided to narrow its focus in the immediate aftermath of the COVID-19 pandemic.
“The quick service food business is operationally very intensive, and it became clear that the Henriquez family wanted to pull back a little and concentrate the efforts on a smaller number of brands,” the source said.
The acquisition was done through Platinum Brands SA, a Panamanian company in which Norbrook Restaurant Group will hold a 60 per cent stake, FirstRock 20 per cent, Sygnus 10 per cent and the Henriquez family 10 per cent.
Khary Robinson will be the executive chairman of the company, with a team of executives that include CEO Juan Carlos Andrade and CFO Christian Sturla.
Robinson declined to comment on the value of the transaction and the amount to be spent on improvements.
“We want to enhance the service efficiency and service experience. We also want to look at the consistency, by providing products at a very high level every time. Some of the stores will definitely come in for remodelling,” he said.
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