Heineken acquires FIFCO for US$3.2B to expand Central American footprint 

AMERICA – Heineken has unveiled a landmark acquisition of Florida Ice and Farm Company (FIFCO), securing the remaining 75% stake in Distribuidora La Florida and other beverage and retail assets for approximately US$3.2 billion.  

This major deal significantly boosts Heineken’s footprint across Central America, particularly in Costa Rica and Panama, as the brewer targets expanding profit pools in the region’s beverage market. 

The transaction encompasses a broad portfolio, including Costa Rica’s iconic Imperial beer, a substantial soft drink business, and over 300 Musmanni-branded retail outlets. 

Heineken will also gain full ownership of Heineken Panama and strengthen its partnership in Nicaragua’s leading beverage company, Compañía Cervecera de Nicaragua. 

Dolf van den Brink, Heineken’s CEO, described the acquisition as a transformative milestone that accelerates the company’s EverGreen strategy.  

He highlighted that integrating FIFCO’s brands and market expertise would unlock new growth opportunities and drive premiumisation, innovation and sustainable expansion across high-potential markets. 

Heineken stated that the acquisition is expected to be immediately accretive to its operating margin and earnings per share.  

The total cash consideration for the equity stakes reflects an acquisition multiple of 11.6x EV/EBITDA based on 2024 results, underscoring the strong financial performance of the acquired assets. 

The deal, which has received unanimous approval from FIFCO’s board, remains subject to shareholder and regulatory clearances, with completion anticipated in the first half of 2026. This acquisition builds on Heineken’s long-standing relationship with FIFCO dating back to 1986 and follows a previous investment in its beverage operations. 

By consolidating market leadership in Costa Rica, Heineken will benefit from FIFCO’s established route-to-consumer model and its leading position in both beer and non-alcoholic beverage categories. Significant revenue and cost synergies are expected, including projected run-rate cost savings of approximately $50 million. 

After the transaction, Heineken will hold 100% of Distribuidora La Florida and the beyond beer business in Mexico, alongside a 49.85% stake in Compañía Cervecera de Nicaragua.  

FIFCO currently operates five production plants and 13 distribution centres across Central America, the Dominican Republic, Mexico and the United States, exporting to more than 10 countries. 

Heineken reaffirmed its commitment to maintaining a net debt-to-EBITDA ratio below 2.5x and confirmed its €1.5 billion share buyback programme will remain unaffected by the acquisition. This deal positions Heineken to capitalise on Central America’s expanding beverage markets and strengthen its regional leadership. 

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