Dutch brewer Heineken is to acquire the beverages and retail businesses of Costa Rica-based Florida Ice and Farm Company (FIFCO).
The deal sees Heineken purchasing the remaining 75% stake it does not already own in Distribuidora La Florida, FIFCO’s drinks, food and retail division.
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It will also take over the more than 300 Mussmani and Muni retail outlets FIFCO has in Costa Rica, as well as its “overall operations” in El Salvador, Guatemala and Honduras.
The agreement also includes a 75% stake in Nicaragua Brewing Holding, a 25% stake in Heineken Panama and full ownership of FIFCO’s beyond beer business in Mexico.
The Amstel maker will pay $3.2bn for the equity stakes.
The transaction builds on a “long-standing partnership” between Heineken and FIFCO, which started in 1986, the Sol brewer said. The business first took a minority 25% stake in FIFCO’s drinks business in Costa Rica, Distribuidora La Florida, in 2002.
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By GlobalDataThe acquisition, Heineken added, will grant it ownership of a multi-category portfolio, including Costa Rica’s century-old national beer Imperial and “a major soft drink business” that has its own brands and a bottling licence with PepsiCo.
Following the transaction, FIFCO will retain its hotels and hospitality businesses in Costa Rica and its 25.14% stake in glass manufacturing business Comegua, Heineken confirmed to Just Drinks.
The statement from Heineken also noted FIFCO is considering “strategic alternatives” for its US business FIFCO USA.
Dolf van den Brink, Heineken chairman and CEO, said: ” I am excited to welcome FIFCO’s talented team, and am confident that our shared strengths – Heineken’s global best practices and FIFCO’s unmatched local knowhow – will drive excellence and deliver exceptional growth for our employees, customers, and stakeholders throughout the region.”
The integration of the assets is will offer run-rate cost savings of around $50m.
FIFCO, which produces and distributes wines, beers, non-alcoholic drinks and food products, operates five production plants and 13 distribution centres across Central America, the Dominican Republic, Mexico, and the US. It exports to over ten countries.
The transaction has been unanimously approved by FIFCO’s board of directors. It awaits shareholder and regulatory approvals, with completion anticipated in the first half of 2026.
