Siuma Capital advised Subway Panama on its sale to Grupo A.J. Vierci
March, 2026 – Panama City, Panama – Siuma Capital, Corp. (“Siuma Capital”) announced that it served as the exclusive financial advisor to the shareholders of Supreme Services No. 3, S.A. (“Subway Panama”) on the sale of 100% of the company to Grupo A.J. Vierci (“Grupo Vierci”). Subway Panama is the master franchise and sole operator of Subway restaurants in Panama with 70 locations and more than 480 employees. Grupo Vierci, of Paraguayan capital, is one of the region’s largest privately owned conglomerates with presence in 10 countries across multiple fields such as retail, CPG, FIG and telecom.
Subway is the 2nd largest quick-service restaurant (“QSR”) franchise in Panama by number of locations, underscoring the brand’s scale, relevance, and entrenched position within the country’s QSR landscape. The acquisition of such a significant platform represents a landmark transaction in Panama’s restaurant sector and is poised to meaningfully shape this rapidly evolving industry. Backed by Grupo Vierci’s regional operating expertise and financial strength, Subway Panama is well positioned to enter its next phase of growth, further elevating industry standards and reinforcing Panama’s attractiveness as a prime destination for foreign direct investment.
Regarding this transaction, Ricardo Urrutia, Director at Siuma Capital, commented:
“We congratulate the Jones family and Grupo Vierci on this important milestone. Jackie and Steve Jones should be immensely proud of what they have built— growing the brand from the ground up to 70 locations nationwide is no easy feat. Now it’s time for our friends at Grupo Vierci to start constructing an exciting new chapter for Subway in Panama. We are confident that their sector expertise, people-driven culture, and long-term commitment to the Subway brand position them strongly to lead the company through its next phase of growth.”
This transaction was Siuma Capital’s second cross-border M&A deal in the QSR industry in Panama in the last two years. As Tomas Valsecchi, Vice President at Siuma Capital, pointed out:
“Not long ago we advised the owners of KFC and DQ in Panama on the sale their business to Norbrook Equity Partners. With the completion of this transaction, we have now led, in less than 18 months, the sale of the two largest locally owned QSR operators in the country (with a combined store count of 140+), through two, very distinct, highly competitive, tailor-made M&A processes.”
These achievements solidify Siuma Capital’s position as a leading M&A advisor in Latin America’s QSR space and the preferred partner for corporations as they seek strategic alternatives with regards to cross-border M&A and related Investment Banking services.
We would like to extend our utmost gratitude to the Jones family and the entire Subway Panama team for the trust placed in Siuma Capital to guide them through this landmark transaction.
About Subway Panama: Subway Panama is one of the country’s leading quick-service restaurant brands. Founded in 1997 by the Jones family, the business has demonstrated consistent performance supported by brand equity, operational scale, and a value-driven offering. With a nationwide presence of over 70 stores the group has a strong footprint across key urban and high-traffic locations. In 2023 the company signed one of the first Subway Master Franchise agreements in Latin America, marking its strong alliance with the brand and its outstanding position across Subway operations.
About Grupo Vierci: Grupo Vierci is one of Paraguay’s largest and most diversified business groups, with operations spanning consumer goods, retail, media, real estate, and quick-service restaurants. Founded in 1967, the group has built a strong regional presence across Latin America through long-term partnerships with leading global brands which have allowed the group to further expand to larger economies such as USA and Europe. Grupo Vierci already operates Subway franchises in Paraguay, Uruguay, Spain and Portugal.
