Published on Tuesday, September 23, 2025
By the A.M. Costa Rica staff

Heineken announced Monday that it has signed a binding agreement to acquire the beverage portfolio and retail operations of Florida Ice and Farm Company S.A. (FIFCO), the Costa Rican brewer best known for its flagship Imperial beer.

The Dutch beer giant said it will pay about $3.2 billion in cash for the equity stakes involved in the transaction. Once finalized, Costa Rica will rank among Heineken’s top five markets by operating profit, giving the company control of a diverse range of beverage brands and a strong retail footprint anchored by Imperial, one of Central America’s most iconic beers.

The deal builds on a long relationship between the two companies that dates back to 1986. Heineken deepened that partnership in 2002 when it bought a 25% stake in Distribuidora La Florida, FIFCO’s beverage division in Costa Rica.

According to the company, the acquisition supports Heineken’s “EverGreen” growth strategy, which emphasizes premium brands, innovation, and expansion in high-potential markets.

The agreement also extends Heineken’s reach beyond Costa Rica:

• Panama: Heineken will acquire the remaining 25% of Heineken Panama, securing full ownership of the country’s fastest-growing brewer.

• Nicaragua: The company will take a 75% stake in Nicaragua Brewing Holding, which controls a 49.85% indirect share in Compañía Cervecera de Nicaragua, the country’s leading beer producer.

• Mexico: Heineken will gain full ownership of FIFCO’s “beyond beer” business.

• Guatemala and Central America: The deal includes diversified food and beverage operations across Guatemala, El Salvador, and Honduras, as well as more than 300 Musmanni and Musi retail outlets in Costa Rica.

Upon completion, Heineken and its affiliates will own 100% of Distribuidora La Florida, Heineken Panama, and FIFCO Mexico, and nearly half of Compañía Cervecera de Nicaragua. FIFCO, meanwhile, is reviewing strategic options for its U.S. subsidiary.

“Today marks a transformative milestone for Heineken as we join forces with FIFCO to unlock new growth opportunities,” said Dolf van den Brink, Heineken’s chairman and CEO. “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.”

Van den Brink added that the companies share “decades of values and trust” and praised FIFCO’s local expertise, which he said will complement Heineken’s global practices in areas such as logistics, sales, and brewery operations.

The transaction is subject to regulatory review and must be approved by FIFCO shareholders at their October 2025 meeting. If cleared, the deal is expected to close in the first half of 2026.

Heineken joins a growing number of international franchises investing in Costa Rica. Recently, Inter IKEA Systems B.V., the owner of the IKEA Concept and worldwide IKEA franchisor, announced that it has signed franchise agreements with Sarton Group to grant exclusive rights to open stores in Costa Rica.

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Which other international food or beverage brands should consider investing in Costa Rica? We would like to know your thoughts on this story. Send your comments to news@amcostarica.com