AMSTERDAM: HEINEKEN N.V. said Monday it has signed a binding agreement to acquire the beverage portfolio and proximity retail business of Costa Rica-based Florida Ice and Farm Company S.A. (FIFCO), expanding its footprint across Central America in a deal valued at approximately $3.2 billion.
The transaction builds on a partnership dating back to 1986 and includes full ownership of Distribuidora La Florida in Costa Rica, HEINEKEN Panama, and FIFCO’s beyond beer business in Mexico. HEINEKEN will also acquire a 49.85% indirect stake in Compañía Cervecera de Nicaragua through a 75% interest in Nicaragua Brewing Holding.
“This marks a transformative milestone for HEINEKEN as we join forces with FIFCO to unlock new growth opportunities,” said Dolf van den Brink, HEINEKEN’s chairman and CEO. “We are accelerating our EverGreen strategy and entering new profit pools across Central America.”
Costa Rica is set to become one of HEINEKEN’s top five operating markets by profit, with the acquisition bringing iconic brands such as Imperial beer and more than 300 retail outlets under its control. The deal also strengthens HEINEKEN’s relationship with PepsiCo, as Distribuidora La Florida is a bottling licensee for the soft drink giant.
In Panama, HEINEKEN will acquire the remaining 25% stake in HEINEKEN Panama, securing full ownership of the country’s fastest-growing brewer. The company also gains a food and beverage platform in Guatemala and expands its reach into El Salvador and Honduras.
FIFCO Chairman Wilhelm Steinvorth said the agreement honors the company’s legacy and offers a global platform for its brands. “We are proud to take this step forward with an admired company that respects our cultural identity,” he said.
HEINEKEN expects the transaction to be immediately accretive to its operating margin and earnings per share. The company anticipates annual cost savings of about $50 million and plans to consolidate Distribuidora La Florida’s financials, which reported $1.13 billion in net revenue and $278 million in operating profit in 2024.
The acquisition will modestly increase HEINEKEN’s net debt, but the company said it remains committed to its long-term target of a net debt-to-EBITDA ratio below 2.5x. Its €1.5 billion share buyback program will continue unaffected.
HEINEKEN said it will maintain its sustainability commitments through its Brew a Better World initiative and align with FIFCO’s ESG strategy, Sostenibilidad Expansiva, to promote responsible consumption and economic development across the region.