Florida Ice and Farm Company S.A. (FIFCO) has entered into a binding agreement to sell its beverage, food, and retail businesses to HEINEKEN N.V. for $3.25 billion. The transaction includes operations in Costa Rica and Guatemala, beverage operations in Mexico, and stakes in brewing businesses in Nicaragua and Panama.
The deal covers the remaining 75% of Distribuidora La Florida S.A., including its beverage, food, and retail divisions—such as Musmanni bakeries and MUSI convenience stores—and extends to El Salvador, Guatemala, and Honduras. It also involves a 75% stake in Nicaraguan Brewing Holding (NBH) S.A., which holds almost half of Inversiones Cerveceras Centroamericanas S.A., controlling Compañía Cervecera Nicaragua S.A., Nicaragua’s main beverage company. FIFCO will also transfer its 25% stake in Cervecería Panamá S.A. and 100% of FIFCO México S.A.
The Board of Directors at FIFCO unanimously approved the transaction and will recommend shareholders vote in favor. Completion is subject to regulatory approvals.
FIFCO will retain its hospitality division, real estate interests, and participation in Empresas COMEGUA S.A.’s glass business. The company remains an authorized issuer on Costa Rica’s Bolsa Nacional de Valores.
Wilhelm Steinvorth, Chairman of FIFCO’s Board of Directors, stated: “This agreement honors FIFCO’s legacy and brings complementary strengths that expand the capabilities and future potential of the units included in the transaction. FIFCO has maintained a partnership with HEINEKEN for over 23 years 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. This decision also reflects our commitment to generating value and significant returns for our shareholders.”
HEINEKEN is described by both parties as an ideal buyer due to more than two decades of collaboration rooted in trust, strategic alignment, shared values, sustainability commitments, local engagement, family ownership stability, global reach, innovation opportunities, and support for iconic brands like Imperial.
Steinvorth added: “This is a true win-win transaction built on past successes that lays the foundation for even greater achievements. HEINEKEN brings a collaborative partnership approach with a proven track record as a positive force globally. For FIFCO this represents not only a business milestone but also strong confidence in Costa Rica as a regional growth hub.”
According to details from HEINEKEN, the acquisition price represents approximately 12.3 times EBITDA based on 2024 results.
BofA Securities acted as exclusive financial advisor while Latham & Watkins LLP (U.S.) together with BLP Legal (Costa Rica) served as legal advisors for FIFCO during this process.
If regulatory approvals are secured as expected by mid-2026, both companies say they are committed to operational continuity throughout the transition period.
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