- Strengthening its presence across Central America
- Landmark acquisition accelerates growth with leading beverage portfolio and retail assets in Costa Rica
- Full ownership of HEINEKEN Panama, and expanded regional footprint
HEINEKEN N.V. has signed a binding agreement to acquire the multi-category beverage portfolio and proximity retail business of the Florida Ice and Farm Company S.A. (‘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 transaction is expected to be completed in H1 2026.
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, HEINEKEN will acquire 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.
It will also acquire 75% stake in Nicaragua Brewing Holding, which holds a 49.85% indirect stake in Compañía Cervecera de Nicaragua, Nicaragua’s leading beverage company.
It will have a 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.
“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,” said Dolf van den Brink, HEINEKEN Chairman of the Executive Board and Chief Executive Officer.
Wilhelm Steinvorth, FIFCO Chairman of the Board said, “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 expansion of HEINEKEN’s footprint in Central America includes Compañía Cervecera de Nicaragua which is 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. It will also include the 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.
Financial impact for HEINEKEN
The total cash consideration paid for the equity stakes acquired by HEINEKEN will be approximately US$3.2 billion implying an acquisition multiple of 11.6x EV/EBITDA based on 2024 results. Distribuidora La Florida, which was previously accounted for as investment in associate with results reported under share of net profit/loss from associates, will be consolidated. 2024 results reported under local accounting policies amount to: Net Revenue of US$1,132m, EBITDA of US$334m and Operating Profit of US$278m (excluding FIFCO USA).
The 49.85% ownership stake in Compañía Cervecera de Nicaragua will be accounted for as investment in associates and joint ventures and the results will be treated as share of profit/loss of associates and joint ventures. The acquisition of the 25% minority interest in HEINEKEN Panama will reduce HEINEKEN’s non-controlling interest in HEINEKEN Panama to zero.
HEINEKEN said that the run-rate cost savings of approximately US$50 million are anticipated through the application of HEINEKEN’s proven best practices. The transaction is expected to be immediately accretive to operating margin and EPS. Post-transaction, HEINEKEN’s net debt is expected to increase by €3.2 billion and HEINEKEN’s pro-forma net debt / EBITDA ratio is expected to increase modestly. HEINEKEN remains committed to return to its long-term target of below 2.5x.
HEINEKEN added that it will continue to make progress on the previously announced share buy-back programme of €1.5 billion which is not affected by the proposed transaction.
Driving sustainable economic development across Central America
In line with its EverGreen strategy, HEINEKEN said it would drive long-term, sustainable growth across its operations. Through its Brew a Better World programme, it has set ambitious goals to deliver positive environmental and social impact. Recognising the strong complementarities with FIFCO’s programme and its embedded ESG strategy, HEINEKEN will continue to invest in sustainable economic development and promoting responsible consumption throughout the region.
