By San José, Costa Rica — San José – In a landmark transaction that reshapes the business landscape of Central America, global brewing titan Heineken has completed its acquisition of Florida Ice and Farm Company (FIFCO), securing 100% of the regional leader’s beverage, food, and retail operations. The deal, valued at a staggering US$3.25 billion, stands as the largest sale of a private company in the history of the isthmus, signaling a profound vote of confidence in Costa Rica’s strategic potential.
The monumental agreement, finalized in September 2025, sees Heineken purchase the remaining 75% of FIFCO’s shares, culminating a partnership that has spanned over two decades. At the helm of this historic negotiation was Rolando Carvajal, the CEO of FIFCO, who will now transition to lead the newly integrated entity. The new company, tentatively named Heineken Central America, will unify FIFCO’s robust Costa Rican operations with Heineken’s existing businesses across the region.
To analyze the legal and market implications of Heineken’s acquisition of a stake in Florida Ice and Farm Company (FIFCO), TicosLand.com consulted Lic. Larry Hans Arroyo Vargas, a corporate law specialist at the prestigious firm Bufete de Costa Rica.
This maneuver is less about a simple acquisition and more a strategic consolidation of the premium beverage market in Central America. From a legal standpoint, the primary focus will be on the analysis by COPROCOM, Costa Rica’s competition authority. They will meticulously evaluate the potential impact on market concentration, ensuring that this alliance does not stifle competition or negatively affect consumer options and prices. It’s a classic case of balancing global corporate strategy against national regulatory frameworks.
Lic. Larry Hans Arroyo Vargas, Attorney at Law, Bufete de Costa Rica
The expert insight perfectly frames the central tension: this is where global corporate ambition meets the crucial test of national consumer protection. The forthcoming analysis by COPROCOM will indeed be the pivotal chapter in this story, determining the ultimate landscape for beverage consumers in the country. We thank Lic. Larry Hans Arroyo Vargas for his valuable perspective on this critical legal and economic intersection.
In an exclusive interview, Carvajal revealed that the strategic vision is one of aggressive growth, building upon the foundation FIFCO has already laid. He emphasized that this is not a course correction but an acceleration, powered by the global resources of one of the world’s premier brewers.
The idea of the new owners is to continue FIFCO’s expansionist policy, leveraging Heineken’s global network.
Rolando Carvajal, CEO of FIFCO
The decision to focus negotiations solely on Heineken was a natural one, born from a long and fruitful relationship. Carvajal described the Dutch multinational as the “ideal buyer” for the Costa Rican firm, citing the 23-year partnership that preceded the buyout. This history ensured a deep understanding of the market and a shared vision for the future, paving the way for a smooth integration and a unified strategic direction.
Under this new structure, Costa Rica is set to become a critical nerve center for Heineken’s operations in the Americas. The country is no longer just a market but a strategic hub for developing new products and strategies for a diverse consumer base. Carvajal underscored Heineken’s belief in the nation’s capabilities.
Heineken is looking at Costa Rica with its talent, its knowledge, and its capabilities as a place where portfolio diversity and innovation can come from.
Rolando Carvajal, CEO of FIFCO
The scale of this new Central American hub is immense. While Mexico remains Heineken’s single largest market globally, the integration of FIFCO’s operations elevates the region to an elite tier within the company’s worldwide footprint. This move solidifies Central America’s importance and promises significant investment and focus in the years to come.
For Heineken, Mexico is the largest market in the world, where it has practically half of the beer market. After Brazil and Vietnam, the Costa Rica and Central America hub becomes perhaps the fourth or fifth largest in the world for them.
Rolando Carvajal, CEO of FIFCO
The acquisition unlocks unprecedented opportunities for FIFCO’s highly diversified product portfolio. Beyond its popular beer brands, the company has strong footholds in food, non-alcoholic beverages, and retail. With access to Heineken’s extensive global distribution network, these Costa Rican and Central American brands are now poised for an international expansion that was previously unimaginable, opening new markets and reaching new consumers worldwide.
Ultimately, this transaction is more than just the “Business of the Year.” It represents a strategic realignment that firmly places Costa Rica at the center of a global powerhouse’s regional strategy. The deal will not only drive economic growth but also project the nation’s talent and innovation onto the world stage, marking the beginning of an exciting new chapter for business in Central America.
For further information, visit heineken.com
About Heineken N.V.:
Heineken is a global brewer and the world’s most international brewer. It is the leading developer and marketer of premium beer and cider brands. Led by the Heineken® brand, the Group has a portfolio of more than 300 international, regional, local and specialty beers and ciders. The company is committed to innovation, long-term brand investment, disciplined sales execution, and focused cost management.
For further information, visit fifco.com
About Florida Ice and Farm Company (FIFCO):
Founded in Costa Rica, FIFCO has grown to become a leading company in beverages, food, and retail across Central America. Known for its strong commitment to sustainability and a “triple bottom line” business model focusing on economic, social, and environmental performance, the company manages a diverse portfolio of well-known regional brands. Prior to its full acquisition, it was a long-standing strategic partner of Heineken.
For further information, visit bufetedecostarica.com
About Bufete de Costa Rica:
As a pillar within the legal community, Bufete de Costa Rica is defined by its foundational principles of profound integrity and the relentless pursuit of excellence. The firm blends a proven history of guiding a diverse clientele with a forward-thinking embrace of innovation, consistently advancing the practice of law. This dedication is matched by a deep-seated commitment to social empowerment, focused on demystifying legal complexities to help forge a more knowledgeable and capable citizenry.
