JMMB Bank Supports Norbrook Equity Partners-Led Acquisition of Panama Franchises as Part of Regional Strategy 

JMMB Bank has solidified its strategy to explore financing of regional growth opportunities, through a syndicated facility that saw JMMB Bank providing partial debt financing for the Norbrook Equity Partners-led acquisition of the KFC and Dairy Queen franchises in Panama, to the tune of US$3M. The franchises were  previously operated by Franquicias Panamenas SA (“FP” or “FPSA”), a company that operated and managed fast food restaurant chains under a franchise system with the KFC, Pizza Hut and Dairy Queen brands.

The special purpose vehicle used to acquire the KFC and DQ restaurants and franchises falls under the newly formed entity Platinum Brands, S.A., a Panamanian company in which Norbrook Restaurant Group will hold a 60 per cent stake, with FirstRock, Sygnus, and the Henriquez family holding the remainder. BAC International Corporation, a leading commercial banking group in Central America, also provided Platinum with acquisition financing, alongside JMMB Bank.  The remainder of the purchase was funded by a meaningful equity investment from Norbrook Restaurant Group and its minority partners. 

JMMB Group has been a long-standing financing partner to Norbrook in the region, having supported its acquisition of Happy Ice, Hertz Car Rental and Grupo Alaska in the Dominican Republic, in 2021 through a loan from JMMB Bank. The latter was a keystone transaction on the Spanish-speaking island with Norbrook, in partnership with Pan Jamaica Group acquiring the country’s oldest and largest ice and water business.

Alwayne Cousins, JMMB’s country corporate client partnership officer - corporate banking, outlined, “The signing of this deal, alongside Norbrook, underscores JMMB’s commitment to the growth of local companies across the region and we are proud that we are able to leverage our cross-border capabilities, namely our financing expertise and innovative solutions, to support companies that are on a growth trajectory.” 

In addition, JMMB Bank entered the payment space, in 2022, through a partnership forged with Norbrook Transaction Services to introduce its closed loop meal cards in the form of epayment solutions, to schools and companies and airport cards.

Khary Robinson, founder and executive chairman of Norbrook Equity Partners, commended the partnership forged with JMMB and its role in enabling the company’s mission of investing in and expanding well positioned businesses in the broader region of the Caribbean and Latin America. He noted, “JMMB has and continues to be a great partner and enabler of the investment mission at Norbrook. They have a proven capability to quickly understand our goals, assess the risk, and deliver solutions that seamlessly support our investments. Almost all our transactions are funded with a mix of our equity and external debt and the latter needs to be as flexible and as fast as we are. JMMB is superb in that regard”

JMMB’s Cousins further shared, “This latest move is in keeping with our strategic direction to deepen our presence in the region and provide win-win opportunities for clients, having seen increased interest from corporate and institutional clients, especially in the manufacturing, retail and food services sectors, who are looking to tap new markets.” 

Jerome Smalling, CEO of JMMB Bank, underscored the significance of this move noting that the company believes that there is tremendous growth potential for medium-size enterprises and large corporates, which are looking to create value and diversify their revenue stream across the region. Adding, “In the current market environment, and with the reduction of government debt, there is now increased demand for credit to support the growth of private sector projects through loans, capital markets transactions, sale leaseback, private equity and corporate debt – bonds.”  

By leveraging further support to these sectors, JMMB Group is seeking to play its part in helping businesses to realize their full potential, which is in line with the Group’s strategic thrust. This also provides a win-win opportunity, as the Group will contribute to the country’s development and by extension the region.