Oct 6, 2025
On September 22, 2025, Florida Ice & Farm Co. (FIFCO) announced the sale of 75% of its beverages, food, and retail business to the Dutch brewer Heineken for US$3.25 billion, including leading brands such as Imperial, Pilsen, and Bavaria, as well as non-alcoholic beverages and the Musmanni and MUSI chains in Costa Rica, El Salvador, Guatemala, and Honduras; the beverage operation in Mexico; 75% of Nicaraguan Brewing Holding; and 25% of Cervecería Panamá. With this move, Heineken takes control of 100% of these operations, consolidating its presence in Central America with a portfolio of local brands.
FIFCO’s Board of Directors approved the agreement unanimously and recommended that shareholders endorse it at the next assembly.
Details of the commercial sale
What was sold | Where | What it means |
75% of Distribuidora La Florida (Imperial, Pilsen, Bavaria beers, soft drinks, Musmanni, MUSI) | Costa Rica, El Salvador, Guatemala, and Honduras | Heineken now controls the complete operation of La Florida in the region. |
FIFCO México (ready-to-drink beverages) | Mexico | Heineken expands its presence in the Mexican beverage market. |
75% of Nicaraguan Brewing Holding (49.85% of CCN Nicaragua) | Nicaragua | Access to the country’s main brewery. |
25% of Cervecería Panamá | Panama | Heineken becomes the sole owner of this operation. |
❌ Not included: hotels, real estate, and glass (COMEGUA) | Costa Rica | These businesses remain under FIFCO. |
FIFCO, a company listed on the National Stock Exchange
FIFCO has been listed on the National Stock Exchange since August 1979, being one of Costa Rica’s oldest and most established publicly traded companies. Therefore, when on September 22, 2025, the sale of its beverages, food, and retail business to Heineken was announced, the news directly affected the local capital market.
The General Superintendence of Securities (Sugeval) reacted immediately and ordered a two-day suspension of FIFCO’s stock and bond trading. The measure sought to protect investors, ensure equal treatment for all, and prevent speculative movements while the information was being processed.
In practice, during those days no one could buy or sell FIFCO securities, temporarily freezing one of the most actively traded stocks on the Costa Rican exchange. Trading resumed on September 25, although with much caution: uncertainty about the sale’s effects created wide gaps between bid and ask prices, and the market preferred to wait for more clarity before closing transactions.
Impact on shareholders
The transaction generates a direct benefit for shareholders:
Value per share: It is estimated that each share will entitle its holder to an extraordinary dividend of between US$3.25 and US$3.55, well above its previous market price.
Practical example: An investor holding 10,000 shares could receive between US$32,500 and US$35,500.
Timing: The payment will not be immediate. It will be made after the closing of the transaction and the approval of financial statements in 2026, meaning that dividends would be distributed in 2027.
Meanwhile, FIFCO will remain listed on the exchange but will shift its focus to its remaining businesses: hospitality, real estate, and glass.
What it means for competition and the country
a) National competition: With this acquisition, Heineken becomes the dominant player in the Costa Rican beer market, bringing together under one control brands such as Imperial, Pilsen, and Bavaria. The multinational now not only concentrates the main beer offerings but also holds PepsiCo’s bottling rights, positioning itself against smaller local competitors and consolidating its dominance in the category.
b) Beverage and distribution market: The deal goes beyond beer. It includes the soft drink business and the PepsiCo license, placing Heineken in a segment historically dominated by players such as Coca-Cola FEMSA. Added to this is the network of more than 300 MUSI points of sale, which expands its retail reach. With these elements, the company strengthens its presence across the entire distribution chain —bars, restaurants, shops, and convenience stores— generating logistical synergies and further positioning itself in the market.
c) National economy: The US$3.25 billion investment is the largest the private sector has received in recent years and represents a vote of confidence in the Costa Rican economy. Heineken emphasized that this acquisition accelerates its entry into Latin America and opens new revenue sources. In the short term, local operations appear to continue unchanged in structure and employment, which protects workers and suppliers in the medium term.
The sale of FIFCO to Heineken not only marks a historic milestone in Costa Rica but also involves other key aspects:
Solid corporate governance: The way FIFCO disclosed the agreement and Sugeval’s immediate action demonstrate the importance of managing material events with complete fairness. For any company aspiring to grow or attract investment, regulatory compliance is non-negotiable.
Value of local brands: Imperial, Pilsen, and Bavaria proved that brands built in Costa Rica can have strategic global value. This reminds local companies that investing in brand and reputation means investing in long-term assets.
Confidence in the Costa Rican economy: A US$3.25 billion transaction reinforces the idea that Costa Rica remains an attractive destination for foreign investment. For the private sector, this means more opportunities for financing, partnerships, and regional expansion.
Business vision: FIFCO chose to retain its hotel, real estate, and glass businesses, while Heineken is making a strong bet on the beverage market.
References: Official statements from FIFCO, Sugeval, and the National Stock Exchange; Semanario Universidad, La Nación, El Financiero, CRHoy, Reuters.