By Rico

Copyright qcostarica

Q COSTARICA — The Florida Ice and Farm Company S.A. (FIFCO) announced this Monday, the signing of a binding agreement with HEINEKEN N.V. to sell the remaining 75% stake in Distribuidora La Florida S.A., a company in which the multinational brewer already owns a 25% stake.

With this transaction, HEINEKEN will assume full ownership of a multi-category portfolio, including Costa Rica’s iconic century-old national beer Imperial and a major soft drink business with own brands and PepsiCo bottling licence and retail operations in Costa Rica, Guatemala, El Salvador, and Honduras, as well as the beverage business in Mexico, in addition to stakes in companies in Nicaragua and Panama.

The transaction will strengthen HEINEKEN’s position across attractive Central American growth markets, which have large and expanding profit pools and include assets of high strategic value: the entirety of FIFCO México S.A., focused on ready-to-drink beverages; 75% of Nicaraguan Brewing Holding (NBH) S.A., which in turn owns 49.85% of Inversiones Cerveceras Centroamericanas S.A. (INCECA), the parent company of Compañía Cervecera de Nicaragua; and 25% in Cervecería Panamá S.A., HEINEKEN’s operating company in that country.

The sale also includes iconic divisions such as the Musmanni bakery franchise and the MUSI convenience store chain.

Total cash consideration paid for the equity stakes acquired by HEINEKEN will be approximately US$3.25 billion, implying an acquisition multiple of 11.6x EV/EBITDA based on 2024 results.

The transaction is subject to FIFCO shareholder and regulatory approvals. The deal has been approved unanimously by the board of directors of FIFCO, which includes representatives of FIFCO’s key shareholders. Completion is expected in H1 2026.

In the deal, FIFCO will retain other business lines, including its hospitality division, real estate developments, and its stake in Empresas COMEGUA S.A., a glass producer.

FIFCO also maintains its status as an authorized issuer on the Bolsa Nacional de Valores de Costa Rica (National Stock Exchange of Costa Rica), reaffirming its commitment to transparency and generating value for its shareholders.

Wilhelm Steinvorth, Chairman of the Board of Directors of FIFCO, emphasized that the agreement honors the company’s history and strengthens its alliance with HEINEKEN, which has spanned more than 23 years.

“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,” he stated.

“Today marks a transformative milestone for HEINEKEN as we join forces with FIFCO to unlock new growth opportunities. By integrating FIFCO’s iconic brands, deep market expertise, and exemplary sustainability credentials, we are accelerating our EverGreen strategy and entering new profit pools across Central America.

“This partnership is grounded in decades of shared values and trust, providing a robust foundation for long-term value creation. 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,” stated Dolf van den Brink, HEINEKEN Chairman of the Executive Board and Chief Executive Officer.

The relationship with HEINEKEN has been marked by shared values, strategic alignment, and a mutual commitment to sustainability. The Dutch brewer’s global scale opens the door to greater innovation, the adoption of world-class practices, and the preservation of FIFCO’s legacy in Central America and Mexico.

“This is a significant step for our communities, our economy, and the Central American region as a whole,” added Steinvorth.

The closing of the transaction will depend on the approval of the relevant regulatory authorities. FIFCO’s Board of Directors unanimously approved the transaction and will recommend its favorable vote to shareholders. If the process progresses as planned, the sale will be completed in the first half of 2026.

During the transition period, FIFCO has assured that it will maintain operational continuity for employees, customers, partners, and suppliers.