Shareholders of Costa Rica’s Florida Ice and Farm Company, known as FIFCO, gave the green light on October 7 to sell most of their food, beverage, and retail operations to Heineken. The Dutch brewer will pay $3.25 billion for the deal, which covers 78% of FIFCO’s assets.
The vote took place during an extraordinary general meeting with 81.68% of shareholders present. They approved the sale with 98.94% in favor, while 0.10% rejected it and 0.96% abstained. Only verified shareholders joined the session, where the board had already recommended the move.
FIFCO first announced the agreement on September 22. It hands over shares in Distribuidora La Florida and other subsidiaries to Heineken or a chosen affiliate. Operations span Costa Rica, Guatemala, Mexico, Nicaragua, and Panama, plus stakes in breweries across Central America, Mexico, and the United States.
The sale touches several markets: beer production and sales, food items like sauces and processed goods, flavored alcoholic drinks, bottled water, juices, nectars, sodas, sports and energy drinks. It also includes bakery production and retail, convenience stores, distilled spirits import and distribution, and a restaurant chain.
Wilhelm Steinvorth, FIFCO’s chairman, called the transaction a turning point for Costa Rica’s economy. He pointed out its potential to boost activity through fresh investment. The company also highlighted the deal as a key step in its growth, building on a 23-year partnership with Heineken rooted in trust and common goals for long-term progress.
Heineken ranks as the world’s second-largest brewer behind AB InBev. In the first half of the year, it posted revenue of €14 billion, or about $16.32 billion. This acquisition strengthens its hold in Central America and beyond.
The deal still needs approval from Costa Rica’s Commission for the Promotion of Competition, or COPROCOM, which has already received notice. If cleared, it closes in the first half of 2026. Analysts see this as one of the biggest business transactions in Costa Rica’s records.
With the sale, FIFCO shifts gears to become a holding company centered on real estate and hospitality. It will manage properties like Reserva Conchal, The Westin, and W Costa Rica, all under the Marriott International banner.
Rolando Carvajal, FIFCO’s general director, assured that core brands like Imperial beer remain unchanged. The move allows FIFCO to focus on new areas while Heineken takes over the day-to-day operations.
This transaction reflects broader trends in the industry, where larger players expand through buys to secure market share. For Costa Rica, it means new capital and possible job stability in the sectors involved, though details on workforce impacts remain under wraps.
Local business leaders view the deal as a sign of confidence in the region’s potential. Heineken’s entry could bring advanced practices and wider distribution networks, benefiting suppliers and consumers alike.
As the regulatory review unfolds, stakeholders watch closely. COPROCOM will assess effects on competition across the listed markets to ensure fair play.
FIFCO’s roots trace back to 1908, starting with ice and farm products before growing into a major player in drinks and food. This sale marks the end of one chapter and the start of another, centered on property management.
Heineken, founded in 1864, operates in over 70 countries with a portfolio including its namesake beer and others. The FIFCO assets fit its strategy to grow in emerging areas.
Costa Ricans can expect continuity in product availability, with Heineken committed to maintaining quality. The partnership’s history suggests a smooth handover.
This development puts Costa Rica on the map for international investors, showing the appeal of its stable environment and skilled workforce.
