The private equity owners of North American Breweries (NAB) have agreed a deal to sell the company to Heineken-affiliated Cerveceria Costa Rica for US$388m in cash. 

KPS Capital Partners, the owner of NAB whose brands include Labatt and Genesee, announced the deal to offload the company to the Florida Ice and Farm Company subsidiary late on Friday (26 October). It is expected to complete in the fourth quarter.

Raquel Palmer, a partner at KPS, thanked the NAB management team for its "tactical execution of our vision" which led to the sale. 

NAB also operates four "state-of-the-art" breweries and seven retail outlets in New York, Vermont, California, Oregon and Washington. The company bought Independent Brewers United in 2010, and is one of the largest independently-owned beer companies in the US.

KPS was formed in February 2009 after it acquired InBev's US business, as part of the Belgium group's buy-out of Anheuser-Busch.

Cerveceria Costa Rica is a subsidiary of Florida Ice and Farm Co, whose parent company, Florida Bedidas, is 25%-owned by Heineken. Last year, Heineken and Florida Ice and Farm bought Cervecerias Baru-Panama, the largest brewer in Panama.