Heineken has completed the acquisition of the beverage and retail businesses of Florida Ice and Farm Company (FIFCO), formally closing a landmark transaction first announced in September 2025. The deal, one of the Dutch brewer’s most significant strategic moves in the region, strengthens Heineken’s position across Central America and marks a decisive step in its long-term growth strategy.
The transaction follows a binding agreement signed in September 2025 (inside.beer, 23.9.2025) and has now closed after receiving all regulatory and corporate approvals. Financial terms remain in line with earlier disclosures, with a cash consideration of around USD 3.2 billion. Integration of the acquired businesses has started with immediate effect and is expected to be completed during 2026.
A central element of the deal is Heineken’s acquisition of the remaining 75% stake in Distribuidora La Florida (DLF), in which it had already held 25% since 2002. As a result, Heineken now owns 100% of DLF and its beverage, food, and retail operations in Costa Rica, El Salvador, Guatemala, and Honduras. These activities include leading beer brands such as Imperial and Pilsen, alongside a broad soft-drink portfolio and an extensive retail platform with more than 300 Musmanni and Musi convenience stores.
In Panama, Heineken has acquired the remaining 25% stake in Heineken Panama, formerly Cervecerías Barú-Panama, securing full ownership of its Panamanian operations. The move allows the group to fully consolidate production and distribution of its local beer portfolio, led by Balboa and Atlas, alongside the international Heineken brand, strengthening its position in one of Central America’s key beer markets.
In Costa Rica, the transaction results in Heineken gaining full ownership of the country’s leading beverage operations. By acquiring the remaining 75% stake from Florida Ice and Farm Company (FIFCO), Heineken now controls 100% of Distribuidora La Florida, having already held 25% since 2002. This gives the group complete ownership of the Costa Rican brewing and distribution platform, including flagship beer brands such as Imperial and Pilsen, as well as extensive beverage logistics and retail activities, firmly anchoring Costa Rica as one of Heineken’s most strategically important markets in Central America.
In Nicaragua, the transaction results in a different ownership outcome. Heineken has acquired FIFCO’s 75% stake in Nicaragua Brewing Holding (NBH). NBH holds 66.47% of the country’s leading beverage company Compañía Cervecera de Nicaragua (CCN) through its participation in Inversiones Cerveceras Centroamericanas, S.A., the holding company that controls around 99.7% of CCN’s shares. This structure gives Heineken an indirect economic interest equivalent to 49.85% in CCN. The Nicaraguan business therefore remains jointly controlled and is not fully consolidated within Heineken’s group structure.
In the United States, FIFCO has retained full ownership of its U.S. operations, which were explicitly excluded from the transaction with Heineken. FIFCO USA, headquartered in Rochester, New York, continues to operate independently, encompassing assets such as Genesee Brewing Company and a portfolio of licensed and flavoured alcoholic beverage brands. At the time the Central American deal was announced, FIFCO confirmed it was reviewing strategic alternatives for its U.S. business, which remains separate from Heineken’s global operations.
With the closing of the transaction, Rolando Carvajal, FIFCO’s current CEO, will join Heineken and continue to lead the Central American operations, ensuring continuity while driving growth. According to Dolf van den Brink, departing CEO and Chairman of the Executive Board (inside.beer, 12.1.2026), the deal represents a major milestone that strengthens Heineken’s leading position in an attractive and growing region. He highlighted that the long-standing partnership between the two groups will support a fast and smooth integration.
The acquisition directly supports EverGreen 2030, advancing Heineken’s strategy of premiumisation, innovation, and superior growth. The group expects to unlock revenue and cost synergies across commercial execution, logistics, and brewery operations, while also benefiting from FIFCO’s strong local market knowledge and iconic brands. Costa Rica is expected to become one of Heineken’s top operating companies by contribution to operating profit, underlining the strategic importance of Central America within the group’s global portfolio.
