In a significant development for Panama’s fast-food sector, Platinum Brands S.A., a portfolio company of Norbrook Equity Partners Limited, has unveiled ambitious plans to launch twelve new KFC outlets nationwide. This strategic expansion, representing a capital investment exceeding $15 million, will substantially increase the brand’s presence from 46 to 58 locations.
The expansion follows Platinum Brands’ acquisition of the KFC and Dairy Queen franchises from Franquicias Panameñas, S.A. in June 2024. After a year of intensive operational assessment and strategic restructuring, the company has secured prime locations for its growth initiative. According to Khary Robinson, Founder and Executive Chairman of Norbrook Equity Partners, the initial phase focused on strengthening business fundamentals—infrastructure, processes, and human resources—before pursuing aggressive growth. Robinson emphasized that this foundational work has positioned the venture as Panama’s fastest-growing quick-service restaurant in terms of same-store sales.
The company has already successfully inaugurated three new restaurants in Chorrera Center, David Center, and Algarrobos, all reporting robust customer traffic and strong initial sales performance. This forms part of a broader vision to expand the combined KFC and Dairy Queen portfolio to 100 locations by 2028. The Dairy Queen brand currently operates 21 stores within the country.
Leadership on the ground, led by CEO Juan Carlos Andrade and CFO Christian Sturla, has been instrumental in executing this measured growth strategy. Andrade highlighted that the mandate prioritized rebuilding the operational foundation over rapid expansion, with significant investments directed toward service culture, efficiency, product consistency, store modernization, and leadership development.
The franchises have been recognized as top performers regionally, demonstrating strong same-store sales growth, improved guest satisfaction metrics, and enhanced operational efficiency. Enhancements are also underway for the Dairy Queen brand, with new locations planned for the future.
This expansion is financed through a combination of equity and debt facilities provided by JMMB Bank (Jamaica) Limited and BAC International Corporation. Notably, JMMB Bank had previously extended a $3 million financing facility in June 2024 to facilitate the initial acquisition.
Ownership of Platinum Brands is structured with Norbrook Restaurant Holdings Limited (a St. Lucian entity) holding a 60% majority stake. The remaining shares are distributed among Sygnus Deneb Investments Limited (20%), the Henriquez family (10%), and FirstRock Global Holdings Limited (10%).
This investment represents the latest activity within Norbrook’s diversified private equity portfolio, which also includes recent ventures such as the rebuilding of Pure National Limited’s ice manufacturing plant, the acquisition of a majority stake in California-based Mighty Pilates by Express Fitness Limited, and the divestiture of interests in Grupo Alaska S.A. by joint venture Grupo Frontera Limited. Additionally, Norbrook’s publicly listed subsidiary, Mailpac Group Limited, continues to show strong financial performance following its acquisition of MyCart Quick Limited.