Heineken Expands Central American Presence With $3.2 Billion Acquisition of Fifco Businesses

Heineken has announced a binding agreement to acquire the beverage and retail businesses of Florida Ice and Farm Company SA (Fifco) for $3.2 billion. The deal marks a major expansion of Heineken’s presence in Central America, building on a partnership with Fifco that began in 1986 and deepened in 2002 when Heineken acquired a 25% stake in Fifco’s Costa Rican beverage division, Distribuidora La Florida.

The transaction will make Costa Rica one of Heineken’s top five operating companies by operating profit. Heineken will gain control of a diversified portfolio of beverage brands, including the well-known Imperial beer, and a consolidated retail network with more than 300 convenience stores under the Musmanni and Musi brands. The agreement also covers operations extending to El Salvador, Guatemala, and Honduras.

In Panama, Heineken will acquire the remaining 25% of Heineken Panama, giving it full ownership of the country’s fastest-growing brewer. The deal also includes an equal partnership in Nicaragua’s leading beer and beverage company through a 75% stake in Nicaragua Brewing Holding, which holds an indirect 49.85% stake in Compañía Cervecera de Nicaragua. In Mexico, Heineken will take full ownership of Fifco’s beverage and non-beverage business.

Once the transaction is completed, Heineken and its affiliates will own 100% of Distribuidora La Florida, Heineken Panama, and Fifco Mexico, as well as nearly half of Compañía Cervecera de Nicaragua. The total cash consideration for the equity stakes is approximately $3.2 billion, representing an acquisition multiple of 11.6 times EV/EBITDA based on projected 2024 results.

Heineken’s Chairman and CEO Dolf van den Brink said the agreement is a significant milestone for the company. He stated that integrating Fifco’s brands and market knowledge would accelerate Heineken’s EverGreen strategy, which focuses on premiumization, innovation, and growth in high-potential markets. Van den Brink emphasized that the partnership is built on decades of shared values and trust between the two companies.

Wilhelm Steinvorth, Chairman of Fifco’s Board of Directors, said the agreement honors Fifco’s legacy while expanding its operational scope and future potential. Fifco is also evaluating strategic alternatives for its U.S. business.

The acquisition gives Heineken a stronger foothold in Central America’s beverage market at a time when global brewers are seeking growth outside their traditional markets. The deal is expected to create new revenue streams for Heineken while leveraging Fifco’s established brands and retail presence across several countries in the region. The transaction is subject to regulatory approvals and customary closing conditions.