PLATINUM Brands, S A , a subsidiary of Norbrook Equity Partners Limited, is set to open 12 new KFC locations in Panama at a cost of more than US$15 million ($2.38 billion).

Platinum Brands, S A is a Panamanian special purpose vehicle that was used to acquire the KFC and Dairy Queen businesses in June 2024 from Franquicias Panameñas, S A, which was owned by the Henriquez family. After more than a year of operations Platinum Brands has secured all the locations needed to increase its KFC footprint from 46 to 58 locations.

“We spent the first few months gaining a better understanding of the business, the challenges and the opportunities, and then devised a comprehensive strategy to enhance all areas of the business across our fundamentals — our infrastructure, processes and people. The latter, we continued to refine and now have a great time that is driving the business aggressively forward, making us the fastest-growing quick service restaurant in the country from a same-store sales standpoint,” said Khary Robinson, founder and executive chairman of Norbrook Equity Partners, in an email. Robinson is also the executive chairman of Platinum Brands.

The Panamanian company recently completed the opening of three locations in Chorrera Center, David Center and Algarrobos — which have received high customer traffic and delivered solid early sales. The new locations form part of the overarching plan to grow the combined KFC and Dairy Queen portfolio to 100 locations by 2028. There are 21 Dairy Queen locations in Panama.

However, this growth path will be measured and predicated on strong fundamentals. The Platinum Brands business has been spearheaded on the ground by CEO Juan Carlos Andrade and CFO Christian Sturla, who have led the turnaround and overall expansion of both franchises.

“From day one, the mandate was clear: Rebuild the foundation before chasing expansion. We made deliberate investments in service culture, speed of service, consistent product quality, upgraded store aesthetics and, most importantly, building a deeper bench of leadership. The results are evident in both our performance and the reception of our newest restaurants,” Andrade said in the release.

The release indicated that the KFC and Dairy Queen franchises in Panama were recognised as top performers within the regional system, underpinned by strong same-store sales growth, improved guest satisfaction scores, and materially enhanced operational metrics.

Robinson also confirmed that enhancements are taking place with the Dairy Queen business which also aims to open new locations in the future. The ongoing KFC expansion is being financed by a mixture of equity and debt from JMMB Bank (Jamaica) Limited and BAC International Corporation. JMMB Bank (Jamaica) provided partial financing of US$3 million in June 2024 to Platinum Brands for the acquisition of the KFC and Dairy Queen businesses.

Norbrook Equity Partners is spending more than US$15 million on 12 new KFCs in Panama.

Norbrook Restaurant Holdings Limited (formerly Norbrook QSR Limited), a St Lucian international business company, owns 60 per cent of Platinum Brands, Sygnus Deneb Investments Limited owns 20 per cent, with the Henriquez family and FirstRock Global Holdings Limited (trading as Premier Private Equity, formerly FirstRock Private Equity) each owning 10 per cent.

This move represents the latest activity taking place under Norbrook’s private equity portfolio. Pure National Limited, manufacturer of Pure National Ice, Happy Ice and Happy Water brands, resumed local production one year after a November 2024 fire disrupted its operations. Approximately $400 million was spent rebuilding its Ashenheim Road plant which included a new 70-ton Paktol ice maker and a re-engineered processing layout.

Express Fitness Limited, a subsidiary of Norbrook Lifestyle Group Limited, acquired a 65 per cent stake in Mighty Pilates, a premier Pilates studio brand with nine locations and 11 studios in California, during June 2025. That acquisition was partially financed by a US$8.6-million private credit facility from Sygnus Credit Investments Limited. Norbrook Lifestyle Group also acquired the 10 per cent stake which was previously held by Sagicor Investments Jamaica Limited.

Grupo Frontera Limited, a 50/50 joint venture with Pan Jamaica Group Limited, sold its interest in Grupo Alaska S A in June 2024 to Diesco Industries Limited. Grupo Alaska is the Dominican Republic’s oldest and largest ice and water business, employing more than 300 personsand with manufacturing and distribution operations in Santo Domingo and Punta Cana. Grupo Frontera was established to acquire and grow well-positioned companies in the Spanish speaking Caribbean and Central America.

Mailpac Group Limited, Norbrook Equity Partners’ 72.60 per cent publicly listed subsidiary, has benefited from the asset acquisition of MyCart Quick Limited, which was completed in April 2024. Mailpac Group’s nine months’ revenue grew 25 per cent to $2.16 billion, with profit before tax up 51 per cent to $274.06 million. However, due to the company’s 100 per cent tax remission ending in December 2024, its net profit stood at $248.15 million as it is now subject to a 50 per cent tax remission on its normal tax rate.

Mailpac Group continues to recognise a $1.21-billion contingent consideration liability which will be settled via the issuance of new ordinary shares to former owners Kamar Palmer and Aldane Smith. Mailpac should host an extraordinary general meeting (EGM) with its shareholders to approve this share issuance and a proposed rebranding.