Heineken has signed a landmark $3.2 billion (£2.37bn) deal to acquire the beverage and retail businesses of long-term partner Florida Ice and Farm Company (FIFCO), strengthening its footprint across fast-growing Central American markets.
The Amsterdam-based brewer will take full control of Costa Rica’s Distribuidora La Florida, securing a portfolio led by Imperial, the century-old national beer brand, alongside soft drinks and a PepsiCo bottling licence. The deal also includes more than 300 proximity retail outlets in the country under the Musmanni and Musi banners.
Under the agreement, Heineken will also gain full ownership of Heineken Panama, acquire a significant stake in Nicaragua’s Compañía Cervecera de Nicaragua, and take on diversified food and beverage operations in Guatemala and Mexico.
Costa Rica becomes top-five market
Costa Rica will emerge as one of Heineken’s top five operating companies by profit, with a broad portfolio spanning beer, beyond beer, and soft drinks. Distribuidora La Florida is currently the country’s market leader in beer, the second-largest soft drinks player, and a major retail operator.
The acquisition, which follows Heineken’s 25% stake in Distribuidora La Florida dating back to 2002, is expected to deliver immediate benefits to the brewer’s operating margin and earnings. Heineken said it anticipated annual cost savings of around $50 million by applying its global best practices across logistics, brewing, and commercial operations.
Strategic growth in the region
The move is part of Heineken’s EverGreen strategy, which aims to drive premiumisation and innovation in high-potential markets. The brewer highlighted strong growth opportunities in Central America, where consumer categories such as beer, beyond beer, and soft drinks are among the fastest-growing.
Dolf van den Brink, Heineken’s chairman and CEO, called the deal a “transformative milestone” for the business.
“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,” he said.
FIFCO chairman Wilhelm Steinvorth said the transaction honoured the Costa Rican company’s legacy.
“This agreement brings complementary strengths that expand the organisation’s capabilities, operational reach, and future potential,” he said. “[It] offers a global platform for our iconic brands - like Imperial - to thrive and evolve.”
Retail and sustainability focus
The inclusion of FIFCO’s retail operations provides Heineken with a rare foothold in proximity retailing across the region. The brewer said this would allow it to test new formats and deepen its consumer connections.
Both companies also emphasised sustainability alignment. Heineken plans to integrate its Brew a Better World programme with FIFCO’s Sostenibilidad Expansiva strategy, focusing on responsible consumption and environmental impact.
Deal timeline
The agreement has already been approved by FIFCO’s board and is now subject to shareholder and regulatory approvals. Completion is expected in the first half of 2026.
Heineken said the deal would be funded in cash, with its net debt expected to rise by €3.2bn. However, the company confirmed its €1.5bn share buyback programme would not be affected.