June 1st, 2024 – Panama City, Panama – Siuma Capital Latin America (“Siuma Capital”) announced that it served as the exclusive financial advisor to the shareholders of Franquicias Panameñas S.A. (“Franquicias Panameñas”) on the sale of its KFC & Dairy Queen assets and operations to Platinum Brands, part of Norbrook Equity Partners (“Norbrook”). Franquicias Panameñas is the leading QSR franchise operator in Panama with 76 restaurants and more than 1,600 employees. Norbrook is an investment holding company operating 20 portfolio companies throughout Central America and the Caribbean.
This transaction marks a significant milestone in the Quick Service Restaurant (“QSR”) industry in Panama. Franquicias Panameñas has been a symbol within the local fast-food industry for more than 65 years. The company has been responsible for positioning both KFC and Dairy Queen in the top of mind of the Panamanian consumer. The deal with Norbrook is centered on taking what Franquicias Panameñas has done to the next level through its’ highly experienced team of QSR operators.
The acquisition was facilitated through a special purpose vehicle, Platinum Brands, S.A., a newly formed Panamanian company. Norbrook Restaurant Group will hold a 60 per cent stake while other shareholders, including the Henriquez family, will share the remainder.
Samuel Urrutia, President of Siuma Capital, added: “We guided the shareholders of Franquicias Panameñas through a highly selective and competitive M&A process as they were looking for the right partner to join them in a new chapter of the company’s development. Norbrook definitely was that partner – they bring experience, dynamism, and a drive to serve KFC and Dairy Queen’s customers to the highest of standards.”
Liza Henriquez, spokesperson for the Henriquez family, expressed enthusiasm for the acquisition, stating, «We are delighted to have found in Norbrook and its management team people who share our values and understand the potential of KFC and Dairy Queen in Panama. This transition allows us to focus on our legacy while entrusting these beloved brands to capable hands.»
This landmark transaction is another indication of Siuma Capital’s ample experience in cross-border M&A. Our robust network of global investors, our tailor-made M&A processes and our highly experienced team of investment bankers allow us to navigate through some of the most complex transactions. On this matter, Ricardo Urrutia, Vice President of Siuma Capital, commented: “We thank our client, the Henriquez family, for their trust in Siuma Capital to take this process to the finish line. From working to identify the right partner for this deal to leading a series of complex negotiations, we are thrilled to conclude this process through a transaction that is and will continue to be beneficial and accretive for all parties.”
About Norbrook Equity Partners: Norbrook is an investment holding company that leverages an experienced investment team, a deep knowledge of regional markets, and operational expertise to enhance the value of its portfolio companies and position them for exponential growth. Norbrook’s portfolio companies participate in a plethora of industries such as logistics, car rental, consumer goods, fitness, and entertainment.
About Franquicias Panameñas: Franquicias Panameñas is a multi-brand operator of QSR chains in Panama with six and a half decades of experience in the sector. The company operates 46 KFC and 30 Dairy Queen locations nationwide.
