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Heineken has announced a landmark acquisition of Florida Ice and Farm Company (FIFCO), acquiring the remaining 75% stake in Distribuidora La Florida and other beverage and retail assets for approximately $3.2 billion.

This move is set to significantly enhance Heineken's presence in Central America, particularly in Costa Rica and Panama, where the company aims to tap into expanding profit pools in the beverage market.

The acquisition includes a diverse portfolio featuring Costa Rica's iconic Imperial beer, a substantial soft drink business and ownership of over 300 retail outlets under the Musmanni brand.

Additionally, Heineken will gain full ownership of Heineken Panama and strengthen its partnership in Nicaragua’s leading beverage company, Compañía Cervecera de Nicaragua.

Dolf van den Brink,Heineken’s CEO, described the acquisition as a transformative milestone that will unlock new growth opportunities. “By integrating FIFCO’s iconic brands and market expertise, we are accelerating our EverGreen strategy and entering new profit pools across Central America,” he said.

This transaction is expected to be immediately accretive to Heineken's operating margin and earnings per share.

The total cash consideration for the equity stakes implies an acquisition multiple of 11.6x EV/EBITDA based on 2024 results, reflecting the robust financial health of the acquired businesses.

The deal has received unanimous approval from FIFCO's board and is subject to shareholder and regulatory approvals, with completion anticipated in the first half of 2026.

This acquisition continues Heineken's long-standing relationship with FIFCO, dating back to 1986, and builds on a previous investment in FIFCO’s beverage business.

The strategic rationale behind the acquisition includes consolidating market leadership in Costa Rica, where Heineken will benefit from a well-established route-to-consumer model and a leading position in both beer and non-alcoholic beverage categories.

Heineken's expansion into Central America aligns with its EverGreen strategy, which emphasises premiumisation, innovation and sustainable growth across high-potential markets.

The acquisition is expected to generate significant revenue and cost synergies as Heineken applies its global best practices in commercial execution and operational efficiency.

Following the transaction, Heineken will hold a 100% stake in Distribuidora La Florida and the beyond beer business in Mexico, alongside a 49.85% stake in Compañía Cervecera de Nicaragua.

The integration of these assets is projected to deliver run-rate cost savings of approximately $50 million.

With this acquisition, Heineken is poised to strengthen its market position in Central America, leveraging FIFCO’s established brands and distribution networks to drive future growth.

The company remains committed to its long-term target of maintaining a net debt-to-EBITDA ratio below 2.5x, continuing its previously announced €1.5 billion share buyback programme unaffected by the transaction.

Featured image credit: ©Florida Ice and Farm Company