Heineken N.V. has struck a deal to acquire Florida Ice and Farm Company S.A. (FIFCO) in Central America and Mexico, the companies announced Monday.
The deal is valued at $3.2 billion, which Heineken said represents a multiple of 11.6x EV/EBITDA based on 2024 financial results.
FIFCO’s U.S. business unit – which includes Labatt USA, Seagram’s Escapes, Genesee Beer, Lipton Hard Iced Tea, Imperial and Magic Hat – is not included in the transaction. “FIFCO is exploring strategic alternatives for FIFCO USA,” according to the announcement. The unit “will continue to operate its business as usual, with no immediate changes expected,” according to a statement shared with Brewbound.
The transaction is expected to close in the first half of 2026. However, it still must receive approvals from regulators and FIFCO shareholders, who meet in October. FIFCO’s board of directors has already unanimously approved the deal.
With this transaction, Heineken and FIFCO will close the loop on a partnership that started in 1986 and deepened with Heineken’s 2002 acquisition of 25% of Distribuidora La Florida, FIFCO’s beverage business in Costa Rica.
Now, Heineken will acquire the remaining 75% of Distribuidora La Florida, giving it full control, as well as full ownership of FIFCO’s beyond beer business in Mexico and Heineken Panama, acquiring the remaining 25% of the business.
Heineken will also take a 75% stake in Nicaragua Brewing Holding, which holds a 49.85% indirect stake in Compañía Cervecera de Nicaragua.
Through the acquisition of FIFCO’s beverage portfolio, Heineken will acquire the century-old Costa Rican beer brand Imperial, a soft drink business that includes FIFCO’s own soda brands and the PepsiCo bottling license. The deal will also make the Costa Rican market a top-five unit by operating profit for Heineken.
Heineken chairman and CEO Dolf van den Brink called the deal “a transformative milestone for Heineken.”
“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,” he said in the press release.
“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.”