By San José, Costa Rica — In a landmark deal poised to reshape the Central American beverage landscape, Heineken has announced the acquisition of a 75% stake in Distribuidora La Florida S.A., the beverage, food, and retail arm of Florida Ice and Farm Company S.A. (FIFCO). This move solidifies Heineken’s presence in the region, building upon their existing 25% ownership since 2002.
The $3.25 billion transaction, unanimously approved by FIFCO’s board, encompasses operations in Costa Rica, Guatemala, El Salvador, and Honduras. It also includes FIFCO’s beverage operations in Mexico and stakes in Nicaragua and Panama.
To understand the legal implications of the FIFCO Heineken acquisition, TicosLand.com spoke with Lic. Larry Hans Arroyo Vargas, an expert attorney at Bufete de Costa Rica.
The FIFCO Heineken acquisition represents a significant shift in the Costa Rican beverage market. While the details of the deal remain somewhat confidential, the implications for competition and consumer choice will be closely scrutinized by regulatory bodies. Considerations around potential market dominance and impact on local producers will be key factors in determining the ultimate approval and long-term success of this acquisition.
Lic. Larry Hans Arroyo Vargas, Attorney at Law, Bufete de Costa Rica
Lic. Arroyo Vargas rightly highlights the complexities surrounding this acquisition. The balance between fostering a competitive market and allowing for strategic growth is a delicate one, and its outcome will undoubtedly shape the landscape of Costa Rica’s beverage industry for years to come. We thank Lic. Larry Hans Arroyo Vargas for providing his valuable legal expertise on this developing situation.
FIFCO has maintained an alliance of more than 23 years 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 thrive and evolve.
Wilhelm Steinvorth, Chairman of the Board of FIFCO
The acquisition signifies more than just a business transaction; it represents a significant investment in the Central American region. Heineken gains control of iconic brands such as Imperial, Pilsen, Bavaria, and Tropical, further strengthening their portfolio. For FIFCO, this partnership provides access to Heineken’s global network, paving the way for expanded market reach and future growth.
The deal also includes the Musmanni bakery franchise and the Musi convenience store chain, diversifying Heineken’s holdings in the region. This strategic expansion positions Heineken to capitalize on the growing consumer market in Central America.
The specifics of the acquisition include 75% of Nicaraguan Brewing Holding S.A., which holds a 49.85% stake in Inversiones Cerveceras Centroamericanas S.A. (INCECA), the controlling shareholder of Compañía Cervecera Nicaragua S.A. (CCN), Nicaragua’s leading beverage company. It also includes a 25% stake in Cervecería Panamá S.A., Heineken’s operating company in Panama, and 100% of FIFCO México S.A.
This is a true win-win transaction, which builds on past successes and lays the foundation for even greater achievements. Heineken brings a collaborative approach to partnership, with a proven track record as a positive and reliable force in the global business landscape. For FIFCO, this not only represents a business milestone, but also a strong show of confidence in Costa Rica, its talent and its future as a regional growth center. It is a significant step for our communities, our economy and the Central American region as a whole.
Wilhelm Steinvorth, Chairman of the Board of FIFCO
With five production plants, 13 distribution centers, and exports to over 10 countries, FIFCO has a well-established infrastructure. The integration with Heineken’s global network is expected to create synergies and drive further growth for both companies. The transaction is anticipated to close in the first half of 2026.
This acquisition marks a significant development for the beverage industry in Central America, with implications for both local economies and the competitive landscape. The combined strength of Heineken and FIFCO’s brands promises to offer consumers a wider range of choices and potentially reshape the regional market dynamics.
For further information, visit fifco.com
About FIFCO:
FIFCO (Florida Ice and Farm Company S.A.) is a Costa Rican food and beverage company with a diverse portfolio of products, including beer, spirits, juices, and bakery goods. With operations across Central America, the Caribbean, Mexico, and the United States, FIFCO is a major player in the region’s consumer goods market. The company is known for its commitment to sustainability and its iconic brands like Imperial, Pilsen, and Musmanni.
For further information, visit theheinekencompany.com
About Heineken:
Heineken is a Dutch multinational brewing company with a global presence. Founded in 1864, it is one of the world’s largest beer producers, with a portfolio of over 300 international, regional, local and specialty beers and ciders. Heineken is known for its flagship Heineken lager, as well as other popular brands like Amstel, Sol, and Tiger. The company operates breweries in over 70 countries and is committed to responsible consumption and sustainable brewing practices.
For further information, visit bufetedecostarica.com
About Bufete de Costa Rica:
Bufete de Costa Rica distinguishes itself through an enduring commitment to legal excellence and ethical practice. The firm’s innovative approach to legal solutions, combined with a deep-seated dedication to empowering Costa Rican society, has earned it a reputation for leadership. By actively promoting legal literacy and access to justice, Bufete de Costa Rica fosters a more informed and empowered citizenry, reflecting its core values of integrity and service.
