The Netherlands & Costa Rica: Heineken to buy beverage and retail businesses of Costa Rica's Florida Ice and Farm Company

Dutch brewer Heineken said on September 22 it will buy the beverage and retail businesses of Costa Rica's Florida Ice and Farm Company for $3.2 billion in cash, boosting its presence across Central America, Reuters reported.

Heineken will gain ownership of Costa Rica's century-old beer "Imperial" through the deal, as well as a soft drink business with its own brands and a PepsiCo bottling license.

The deal comes months after Heineken warned that volumes would be softer than expected for the remainder of the year and opted not to raise its annual profit outlook, citing volatility, including from U.S. trade tariffs.

The world's no. 2 brewer will buy the remaining 75% stake it does not already own in Distribuidora La Florida, FIFCO's beverage, food and retail division, which includes more than 300 outlets in Costa Rica, as well as operations in El Salvador, Guatemala and Honduras.

The deal also includes a 75% stake purchase in Nicaragua Brewing Holding, a 25% stake in Heineken Panama, and full ownership of FIFCO's beyond beer business in Mexico.

The transaction, which is expected to complete in the first half of 2026, will be immediately accretive to operating margin and earnings per share, before exceptional items, the company said.

Heineken expects its net debt to increase by 3.2 billion euros ($3.77 billion) after the deal.

The company started its partnership with FIFCO in 1986 and bought a 25% stake in Distribuidora La Florida in 2002. In 2024, Distribuidora La Florida reported a net revenue of $1.13 billion and operating profit of $278 million, excluding FIFCO USA.

FIFCO, which makes beers, wines, non-alcoholic beverages and food, manages 5 production plants and 13 distribution centers across Central America, the Dominican Republic, Mexico and the United States. It exports to more than 10 countries.

FIFCO is exploring strategic alternatives for FIFCO USA, Heineken said.