Heineken announced the signing of a binding agreement to acquire the multi-category beverage portfolio and convenience retail business of Florida Ice and Farm Company SA (Fifco). This transaction builds on a long-standing partnership that began in 1986 and was strengthened in 2002 with the acquisition of a 25% stake in Fifco's Costa Rican beverage division, Distribuidora La Florida.

The agreement further strengthens Heineken's EverGreen strategy, promoting premiumization, innovation, and growth in high-potential markets. Costa Rica will become one of Heineken's top five operating companies in terms of operating profit, expanding its presence with a diversified portfolio of beverage brands, including the iconic Imperial beer, and a consolidated retail network.

The transaction also includes Panama, where Heineken will acquire the remaining 25% of Heineken Panama, securing full ownership of the country's fastest-growing brewer. Furthermore, the group further strengthens Heineken's regional presence through an equal partnership in Nicaragua's leading beer and beverage company, as well as ownership of diversified food and beverage businesses in Guatemala.

Upon completion of the transaction, Heineken will acquire the following stakes in Fifco:
1) A 75% stake in Distribuidora La Florida, which encompasses the beverage, food, and retail division—which includes over 300 convenience retail locations in Costa Rica (Musmanni & Musi)—and overall operations, which extend to El Salvador, Guatemala, and Honduras; Fifco is evaluating strategic alternatives for Fifco USA. 2) A 75% stake in Nicaragua Brewing Holding, which holds an indirect 49.85% stake in Compañía Cervecera de Nicaragua, a beverage company in Nicaragua. 3) A 25% minority stake in Heineken Panama. 4) A 100% stake in Fifco's beverage and non-beverage business in Mexico.

Once the transaction is completed, Heineken and/or its affiliates will own 100% of Distribuidora La Florida, Heineken Panama and Fifco Mexico, and 49.85% of Compañía Cervecera de Nicaragua.

The total cash consideration paid for the equity stakes acquired by Heineken will be approximately US$3.2 billion, implying an acquisition multiple of 11.6x EV/EBITDA based on 2024 results.

"Today marks a significant milestone for Heineken: we are joining forces with Fifco to unlock new growth opportunities. By integrating Fifco's iconic brands, deep market knowledge, and exemplary sustainability credentials, we are accelerating our EverGreen strategy and creating new revenue streams in Central America. This partnership builds on decades of shared values and trust, providing a solid foundation for long-term value creation," said Dolf van den Brink , Chairman of the Board and Chief Executive Officer of Heineken, who said he is "confident that our shared strengths, Heineken's global best practices, and Fifco's unrivaled local expertise, will drive excellence and deliver exceptional growth for our employees, customers, and stakeholders across the region."

For his part, Wilhelm Steinvorth , Chairman of the Board of Directors of Fifco, emphasized that the new agreement "honors Fifco's legacy and brings complementary strengths that expand the organization's capabilities, operational scope and future potential."