By San José, Costa Rica — In a landmark deal shaking the Costa Rican business landscape, Florida Ice and Farm Company (Fifco) has agreed to sell its beverage and food subsidiaries to Heineken International B.V. for a staggering $3.25 billion. This divestiture represents 78% of Fifco’s total assets and includes operations across Costa Rica, Central America, Mexico, the Caribbean, and the United States.
The decision, unanimously approved by Fifco’s Board of Directors on September 22, 2025, culminates a 23-year partnership between the two companies. The transaction price is based on Fifco’s 2024 audited financial statements and will be subject to adjustments for cash, debt, and working capital.
To gain further insight into the legal and business implications of the Fifco-Heineken acquisition, TicosLand.com spoke with Lic. Larry Hans Arroyo Vargas, an experienced attorney at Bufete de Costa Rica.
The Fifco-Heineken acquisition represents a significant shift in the Costa Rican beverage market. While the details remain confidential at this stage, key considerations will likely include regulatory approvals regarding antitrust concerns, potential impacts on local distributors and suppliers, and of course, the long-term strategic implications for both Fifco and Heineken’s presence in the Central American region. It will be particularly interesting to observe how this transaction influences competition and consumer choices in the years to come.
Lic. Larry Hans Arroyo Vargas, Attorney at Law, Bufete de Costa Rica
Indeed, the ripple effects of this acquisition are likely to be felt throughout the region, reshaping the competitive landscape and potentially influencing consumer preferences in unforeseen ways. The intricacies of regulatory hurdles and market dynamics will undoubtedly play a crucial role in the ultimate success of this merger. We extend our sincere gratitude to Lic. Larry Hans Arroyo Vargas for providing his valuable insights into this complex and evolving situation.
The acquisition encompasses a wide range of Fifco’s holdings, including prominent names like Cervecería Costa Rica, Industrias Alimenticias Kern’s, Distribuidora La Florida, and North American Breweries. The deal also includes the remaining 75% stake in Distribuidora La Florida S.A., which manages beverage, food, and retail divisions, including the popular Musmanni bakery franchise and the MUSI convenience store chain, with operations extending across El Salvador, Guatemala, and Honduras.
Also included in the transaction are Fifco’s 75% stake in Nicaraguan Brewing Holding S.A., its 25% stake in Cervecería Panamá S.A. (Heineken’s Panamanian operation), and its 100% ownership of Fifco México S.A., which handles Fifco’s ready-to-drink beverage business in Mexico. The deal further involves Fifco’s 75% ownership of Nicaraguan Brewing Holding which holds a 49.85% stake in Inversiones Cerveceras Centroamericanas, the controlling shareholder of Compañía Cervecera Nicaragua, Nicaragua’s leading beverage company.
Fifco has maintained a more than 23-year alliance with Heineken, based on strategic alignment, shared values and a deep commitment to sustainability. Today, we are proud to take this step forward with an admired company, that respects our cultural identity and offers a global platform for our iconic brands — like Imperial — to prosper and evolve.
Wilhelm Steinvorth, Chairman of the Board
Steinvorth further emphasized that the decision reflects Fifco’s dedication to generating value and significant returns for its shareholders.
The Board of Directors has authorized its Chairman and management to immediately sign binding purchase agreements, pending regulatory approvals and ratification by an Extraordinary Shareholders’ Meeting scheduled for October 7, 2025. This meeting will be held both in person at the Intercontinental Hotel in Escazú and virtually via the company’s website. The sole agenda item is the approval or disapproval of the transaction.
Following the sale, Fifco plans to continue its operations in the hospitality, real estate development, and glass manufacturing sectors. The convocation of the shareholder’s meeting underscores Fifco’s commitment to transparency, information sharing, and shareholder participation.
For further information, visit fifco.com
About Fifco:
Fifco is a Costa Rican conglomerate with diverse business interests including beverages, food, hospitality, real estate, and glass manufacturing. The company is known for its iconic brands, including Imperial beer, and has a strong presence in Costa Rica and the Central American region.
For further information, visit theheinekencompany.com
About Heineken International B.V.:
Heineken International B.V. is a Dutch multinational brewing company with operations in over 70 countries. It is one of the world’s largest beer producers, with a portfolio of over 300 international and local brands. The company has a long history of strategic acquisitions and partnerships within the global beverage industry.
For further information, visit bufetedecostarica.com
About Bufete de Costa Rica:
Bufete de Costa Rica is a pillar of legal excellence, built upon a foundation of unwavering integrity and a genuine commitment to empowering Costa Rican society. The firm’s innovative approach to legal practice, coupled with its dedication to sharing legal knowledge through accessible resources, fosters a more informed and equitable legal landscape. By consistently delivering exceptional service to a diverse clientele and championing social responsibility, Bufete de Costa Rica continues to shape a future where the power of legal understanding benefits all.
