Heineken to acquire FIFCO beverage and retail operations in $3.2bn deal

Heineken has signed a binding agreement to acquire the beverage portfolio and retail business of Florida Ice and Farm Company (FIFCO), expanding its presence in Central America and strengthening its position in Costa Rica, Panama, Nicaragua and Mexico.

The agreement builds on a partnership between the two companies that began in 1986 and was reinforced in 2002, when Heineken acquired a 25 percent stake in FIFCO’s Costa Rican beverages business, Distribuidora La Florida. Once completed, Costa Rica will become one of Heineken’s top five operating companies by operating profit, supported by a diverse brand portfolio and a network of more than 300 proximity retail outlets.

The transaction includes acquiring 75 percent of Distribuidora La Florida, which operates beverages, food, and retail businesses across Costa Rica and Central America. It also covers full ownership of Heineken Panama, a 75 percent stake in Nicaragua Brewing Holding—which owns a 49.85 percent stake in Compañía Cervecera de Nicaragua—and FIFCO’s beyond beer operations in Mexico.

Dolf van den Brink, Chairman of the Executive Board and Chief Executive Officer, Heineken: “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.”

In Panama, Heineken will gain full ownership of the country’s fastest-growing brewer. In Nicaragua, the company will become co-owner of a market-leading beer and soft drinks business, while in Guatemala the deal includes diversified food and beverage operations.

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

Both companies highlight the transaction as a step toward advancing sustainable development across the region. Heineken plans to integrate its Brew a Better World programme with FIFCO’s existing ESG strategy to continue promoting responsible consumption and environmental progress.

The acquisition is valued at approximately 3.2 billion US dollars, representing an EV/EBITDA multiple of 11.6x based on 2024 results. Heineken expects run-rate cost savings of around 50 million dollars through operational synergies and best-practice applications. The company stated that the transaction will be immediately accretive to operating margin and earnings per share.

Completion of the deal is subject to regulatory approval and shareholder approval from FIFCO, expected in October 2025. The transaction is anticipated to close in the first half of 2026.

www.theheinekencompany.com

www.fifco.com

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