Heineken to acquire FIFCO’s beverage and retail businesses

Heineken NV announced it has signed a binding agreement to acquire the multi-category beverage portfolio and proximity retail business of the Florida Ice and Farm Company (FIFCO). 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 five 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.

Upon completion of the transaction, Heineken will acquire a 75% stake in Distribuidora La Florida, which encompasses its beverages, food, and retail division — including more than 300 proximity retail outlets in Costa Rica under the Musmanni and Musi brands — as well as operations extending into El Salvador, Guatemala, and Honduras. FIFCO is currently exploring strategic alternatives for FIFCO USA. Additionally, Heineken will acquire a 75% stake in Nicaragua Brewing Holding, which owns a 49.85% indirect stake in Compañía Cervecera de Nicaragua, the leading beverage company in Nicaragua. The deal also includes a 25% minority interest in HEINEKEN Panama and full ownership (100%) of 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.

Commenting on the acquisitions, Heineken chairman of the executive board and chief executive officer, Dolf van den Brink, said: “Today marks a transformative milestone for Heineken as we join forces with FIFCO to unlock new growth opportunities. By integrating FIFCO’s iconic brands, deep market expertise and exemplary sustainability credentials, 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.”

FIFCO Chairman of the Board, Wilhelm Steinvorth, also added: “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.”

The transaction builds on Heineken’s current exposure to attractive Central American growth markets which enjoy large and growing profit pools. Distribuidora La Florida and Compañía Cervecera de Nicaragua are both strategically positioned as market-leading multi-category beverage businesses with strong margins, rivalling global best-in-class benchmarks. In addition, Costa Rica benefits from stable macro fundamentals, including a strong currency, growing population and approximately 3% real GDP per capita growth. Their beverage categories (beer, beyond beer, soft drinks) are among the largest and fastest growing consumer categories in Central America, with the acquired portfolio expected to deliver solid volume growth.

Heineken will also be gaining full ownership of Heineken Panama, one of the leading brewers growing approximately 20% CAGR (2019–2024) with year-over-year market share gains.

Expansion of Heineken’s footprint in Central America is also evident in this move as Compañía Cervecera de Nicaragua holds a leading beer and beyond beer portfolio with a fully integrated water and soft drinks operations, and a retail business with more than 250 proximity outlets. Heineken will also acquire a food and soft drinks platform in Guatemala, and a portfolio of fast-growing beyond beer brands in Mexico.

Under Heineken’s ownership, the Costa Rica business is expected to unlock revenue and cost synergies through the application of Heineken’s best practices across commercial execution, logistics and brewery operations.

Completion of the transaction between HEINEKEN and FIFCO is subject to customary regulatory approvals and the approval by the general shareholders’ meeting of FIFCO, which will take place in October 2025. The transaction is expected to be completed in H1 2026.

The deal has been approved unanimously by the board of directors of FIFCO, which includes representatives of FIFCO’s key shareholders.