Amsterdam, Sept. 23, 2025 – Heineken announced late Monday it will acquire the beverage and retail businesses of Costa Rica’s Florida Ice and Farm Company (FIFCO) for $3.2 billion in cash, a move that strengthens the Dutch brewer’s foothold in Central America.
Quick Takeaways
- $3.2B acquisition: Heineken to purchase FIFCO’s beverage and retail units.
- Iconic brand win: Deal includes Costa Rica’s century-old Imperial beer.
- Broader portfolio: Soft drinks, a PepsiCo bottling license, and 300+ outlets added.
- Regional reach: Expands operations across Costa Rica, El Salvador, Guatemala, Honduras, Mexico, and Panama.
- Financial impact: Heineken expects an immediate boost to earnings but higher net debt.
What’s in the Deal
Through the acquisition, Heineken gains control of Imperial beer, one of Costa Rica’s most recognizable brands, along with FIFCO’s soft drink arm and its PepsiCo bottling license. The transaction also covers more than 300 retail outlets in Costa Rica and majority stakes in breweries and beverage operations across El Salvador, Guatemala, Honduras, Nicaragua, Mexico, and Panama.
Heineken, which first partnered with FIFCO in 1986, already owned 25% of Distribuidora La Florida. With this deal, it will acquire the remaining 75% stake as well as additional regional businesses.
Why Central America Matters
Brewers like Heineken and AB InBev are increasingly looking to South and Central America as mature markets in Europe and the U.S. see slower growth. Chief Executive Dolf van den Brink said the purchase would open “new profit pools” across the region.
RBC Capital analyst James Edwardes Jones noted that while the acquisition “is strategically sensible,” the $3.2 billion price tag “seems high.”
Financial Footprint
Heineken expects the deal, due to close in the first half of 2026, to boost its operating margin and earnings per share before exceptional items. However, it also projects net debt to rise by €3.2 billion ($3.77 billion), adding to its existing €15.5 billion debt load as of June.
FIFCO’s Reach
FIFCO, founded in 1908, produces beers, wines, non-alcoholic drinks, and food. It operates five production plants and 13 distribution centers across Central America, Mexico, the Dominican Republic, and the United States, exporting to over 10 markets.
Bottom line: Heineken is betting big on Central America’s growing beverage sector, securing iconic local brands and regional scale in a deal that could reshape its global growth strategy.
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