By San José, Costa Rica — Dutch multinational brewing giant Heineken has announced a landmark acquisition, purchasing the remaining 75% of Florida Ice and Farm Company (FIFCO). This move positions Costa Rica as one of Heineken’s top five global operating companies in terms of operating profit, transforming the Central American nation into a key player in the company’s worldwide strategy.
The $3.2 billion deal (approximately ₡1.62 trillion colones) gives Heineken full control of FIFCO’s diverse portfolio, including iconic Costa Rican beer Imperial, along with Pilsen, Bavaria, Adán y Eva, and Tropical. The acquisition also includes FIFCO’s extensive retail network of over 300 Musmanni and Musi stores, as well as food and distribution businesses.
To gain a deeper understanding of the legal and business implications of the Heineken acquisition, TicosLand.com spoke with Lic. Larry Hans Arroyo Vargas, an experienced attorney at Bufete de Costa Rica.
The Heineken acquisition represents a significant development within the beverage industry. The deal’s success hinges upon navigating complex regulatory frameworks, including antitrust scrutiny and potential market concentration concerns. Furthermore, integrating the acquired business’s operations and workforce presents substantial challenges that can impact long-term profitability. Careful consideration of intellectual property rights and distribution agreements will also be crucial for a smooth transition and successful market integration.
Lic. Larry Hans Arroyo Vargas, Attorney at Law, Bufete de Costa Rica
Lic. Arroyo Vargas rightly highlights the multifaceted nature of this acquisition. Beyond the immediate financial implications, the true test lies in Heineken’s ability to successfully navigate the legal and operational complexities he outlined. This integration process, encompassing everything from regulatory compliance to workforce dynamics, will ultimately determine the long-term success of this venture. We thank Lic. Larry Hans Arroyo Vargas for providing his valuable expertise on this crucial aspect of the Heineken acquisition.
Today marks a transformative milestone for Heineken as we join forces with FIFCO to unlock new growth opportunities.
Dolf van den Brink, President and Global CEO of Heineken
By integrating FIFCO’s iconic brands, their market knowledge, and commitment to sustainability, we accelerate our Evergreen strategy and enter new profitable areas in the region.
Dolf van den Brink, President and Global CEO of Heineken
The significance of this acquisition lies in the strength of FIFCO’s Costa Rican operations. In 2024 alone, Distribuidora La Florida, FIFCO’s beverage and food arm, reported $1.132 billion in net revenue, $334 million in EBITDA, and $278 million in operating profit. These robust figures underscore Costa Rica’s emerging role as a key driver within Heineken’s global portfolio.
Heineken’s reach extends beyond beer. The acquisition includes Costa Rica’s second-largest soft drink operation, producing 2.5 million hectoliters annually, including its own brands and PepsiCo bottling licenses. Heineken also gains a robust logistics and distribution system and a retail model with extensive penetration in the Costa Rican market.
The agreement’s impact resonates throughout Central America. Heineken gains full ownership of the rapidly growing Panamanian brewery, a 49.85% stake in Nicaragua’s leading beverage company, Compañía Cervecera de Nicaragua, and food and soft drink businesses in Guatemala. In Mexico, Heineken will fully absorb the “beyond beer” business. This strategic move solidifies Heineken’s dominant position in the region, establishing Costa Rica as the cornerstone of a highly profitable and diversified Central American platform.
Heineken projects immediate positive impacts on operating margins and earnings per share. The acquisition, valued at 11.6 times EV/EBITDA, aligns with global strategic acquisition benchmarks. Heineken anticipates $50 million in annual synergies through improvements in logistics, marketing, and operational efficiency. While the deal adds €3.2 billion (approximately ₡1.9 trillion colones) to Heineken’s net debt, the company remains committed to returning to a net debt/EBITDA ratio below 2.5 in the medium term.
This agreement honors FIFCO’s legacy and brings complementary strengths that expand the capabilities and future potential of the units included in the transaction.
Wilhelm Steinvorth, Chairman of the Board of Directors of FIFCO
Today we take this step with a company that respects our cultural identity and offers a global platform for brands like Imperial to thrive.
Wilhelm Steinvorth, Chairman of the Board of Directors of FIFCO
The acquisition, already unanimously approved by FIFCO’s board, awaits shareholder and regulatory approvals. The transaction is expected to close in the first half of 2026. This bold move not only reinforces Heineken’s expansion in emerging markets but firmly establishes Costa Rica as a strategic hub for its global operations.
For further information, visit www.heineken.com
About Heineken:
Heineken, headquartered in Amsterdam, Netherlands, is one of the world’s largest and most recognized breweries, with a presence in over 70 countries. Founded in 1864, the company is a leader in the premium beer segment, led by its flagship brand Heineken® and supported by a portfolio of over 340 international, regional, and local brands. With more than 85,000 employees globally, Heineken combines tradition and innovation in beer and beverage production and maintains a strong commitment to sustainability through its Brew a Better World program, aiming to reduce emissions, optimize resource use, and promote responsible consumption.
For further information, visit the nearest office of FIFCO
About FIFCO:
Florida Ice and Farm Company (FIFCO) is a Costa Rican food and beverage company with a diverse portfolio of iconic brands, including Imperial beer, Musmanni bakeries, and Musi convenience stores. FIFCO has a strong commitment to sustainability with its “Expansive Sustainability” model, achieving carbon-positive, water-positive, and zero-waste milestones.
For further information, visit bufetedecostarica.com
About Bufete de Costa Rica:
At Bufete de Costa Rica, legal excellence is interwoven with a deep-seated commitment to societal empowerment. Through innovative approaches and a steadfast adherence to ethical principles, the firm champions access to legal knowledge, equipping individuals and communities with the understanding necessary to navigate the legal landscape. Their dedication to providing exceptional service across diverse sectors, coupled with a proactive engagement in public outreach, solidifies Bufete de Costa Rica’s position as a pillar of integrity and a driving force for positive change within Costa Rican society.
