HEINEKEN Buys Florida Ice and Farm Company

Boosting its presence across Central America, Dutch brewer HEINEKEN N.V. has signed an agreement to acquire the multi-category beverage portfolio and proximity retail business of the Costa Rica’s Florida Ice and Farm Company (FIFCO) for $3.2 billion in an all-cash transaction.

This transaction builds on a long-standing partnership that began in 1986 and was strengthened in 2002 with the acquisition of a 25% stake in FIFCO’s beverages business in Costa Rica, Distribuidora La Florida.

The deal further advances HEINEKEN’s EverGreen strategy, driving premiumisation, innovation, and growth across high-potential markets. Costa Rica will become one of HEINEKEN’s top 5 operating companies by operating profit, expanding its presence with a diverse portfolio of beverage brands – including the iconic Imperial beer – and a well-established retail network.

The transaction also includes Panama, where HEINEKEN will acquire the remaining 25% of HEINEKEN Panama, securing full ownership of the country’s fastest-growing brewer.

In addition, it further strengthens HEINEKEN’s regional presence through an equal partnership in Nicaragua’s market-leading beer and beyond beer company, as well as ownership of diversified food and beverage operations in Guatemala.

Agreement Details

Upon completion of the deal, HEINEKEN will acquire the following FIFCO interests such as 75% stake in Distribuidora La Florida, covering its beverages, food, and retail division, which includes more than 300 proximity retail outlets in Costa Rica (Musmanni & Musi), and overall operations, extending into El Salvador, Guatemala, and Honduras; FIFCO is exploring strategic alternatives for FIFCO USA, 75% stake in Nicaragua Brewing Holding, which holds a 49.85% indirect stake in Compañía Cervecera de Nicaragua, Nicaragua’s leading beverage company, 25% minority interest in HEINEKEN Panama, and 100% stake in FIFCO’s beyond beer business in Mexico.

Following completion, HEINEKEN and/or its affiliates will hold 100% ownership of Distribuidora La Florida, HEINEKEN Panama and FIFCO Mexico, and 49.85% of Compañía Cervecera de Nicaragua.

HEINEKEN Chairman and CEO Dolf van den Brink said that the deal marks a transformative milestone for his company as they were joining forces with FIFCO to unlock new growth opportunities.

He said that by integrating FIFCO’s iconic brands, deep market expertise, and exemplary sustainability credentials, they were we are accelerating our EverGreen strategy and entering new profit pools across Central America.

This partnership is grounded in decades of shared values and trust, providing a robust foundation for long-term value creation.

“I am excited to welcome FIFCO’s talented team, and am confident that our shared strengths – HEINEKEN’s global best practices and FIFCO’s unmatched local knowhow – will drive excellence and deliver exceptional growth for our employees, customers, and stakeholders throughout the region,” he added.

FIFCO Chairman Wilhelm Steinvorth said that this agreement honours FIFCO’s legacy and brings complementary strengths that expand the organisation’s capabilities, operational reach, and future potential.

“FIFCO and HEINEKEN have shared a successful long-term partnership, built on strategic alignment, shared values, and a deep commitment to sustainability. Today, we are proud to take this step forward with an admired company that respects our cultural identity and offers a global platform for our iconic brands – like Imperial – to thrive and evolve,” he said.