Heineken has signed a binding agreement to acquire most of the beverage and retail operations of Costa Rica’s Florida Ice and Farm Company (FIFCO) for about USD 3.2 billion in cash. The deal marks the Dutch brewer’s largest acquisition in four years and a decisive move to strengthen its footprint across Central America. Completion is expected by the first half of 2026.
The transaction builds on a long-standing relationship between both companies dating back to 1986 and expanded in 2002 when Heineken bought a 25% stake in FIFCO’s Costa Rican beverage arm Distribuidora La Florida. Under the new agreement, Heineken will acquire the remaining 75% of this business, which includes more than 300 Musmanni and Musi convenience stores and operations extending to El Salvador, Guatemala and Honduras. It will also purchase 75% of Nicaragua Brewing Holding, giving it an indirect 49.85% share in Compañía Cervecera de Nicaragua, the remaining 25% of Heineken Panama for full ownership, and full control of FIFCO’s beverage and non-beverage activities in Mexico.
Through the acquisition, Heineken gains control of the iconic Imperial beer brand, the second-largest soft-drink portfolio in Costa Rica, and the local PepsiCo bottling license. According to CEO Dolf van den Brink, the deal is “a transformative milestone” that will “accelerate our EverGreen strategy by combining FIFCO’s iconic brands, strong sustainability credentials and deep market knowledge with Heineken’s global expertise.” He expects the transaction to be accretive to earnings per share and operating margin from day one, targeting annual synergies of about USD 50 million and a 6.5% return on invested capital once fully integrated.
Costa Rica will become one of Heineken’s top five operating companies by contribution to operating profit. Despite its higher GDP per capita, the country’s beer consumption of 56 litres per capita still lags behind Mexico and Panama. Van den Brink sees “room to raise per-capita consumption closer to neighbouring levels” through revenue management and premiumization, driven by brands such as Heineken and Sol.
Financial analysts broadly welcomed the move. Trevor Stirling of Bernstein called it “a sensible deal at a sensible price,” while Citi reaffirmed its buy rating with a target price of EUR 88.RBC Capitalhighlighted the strategic rationale despite a relatively high valuation multiple of 11.6 × EV/EBITDA. On the Amsterdam Stock Exchange, Heineken’s shares rose about 1% following the announcement.
Beyond beer, the acquisition strengthens Heineken’s multi-category approach with complementary soft-drink, wine, and retail activities. The company also plans to leverage its experience with Mexico’s Six convenience-store network to develop Costa Rica’s and Nicaragua’s proximity retail formats. “There’s solid growth potential across categories,” Van den Brink said, noting that soft drinks and retail are “core to the business” and that PepsiCo is fully supportive of the transaction.
While FIFCO has recently faced softer sales in the United States, the assets acquired in Central America remain profitable and strategically positioned. FIFCO chairman Wilhelm Steinvorth stated that the agreement “honours FIFCO’s legacy and expands the organisation’s capabilities and future potential.” For Heineken, the deal re-ignites large-scale M&A after years of portfolio streamlining and signals renewed confidence in emerging markets as key growth drivers for the world’s second-largest brewer.
