Heineken-Fifco: Going Dutch

It’s a well-known fact – drinkers in the US and Northern Europe are consuming less alcohol than they used to, and beer being the go-to tipple for most in these markets, this poses something of a problem for the industry’s multinationals, such as Heineken and Carlsberg. A 2025 global Nielsen study commissioned by Heineken, conducted across 11 markets among Formula 1 and UEFA Champions League fans, found that that one in four are cutting back on alcohol or choosing alcohol-free alternatives.

The solution? Branch out into growth markets where people still drink significant quantities of the amber nectar on a regular basis, as had been the case in the above markets until recent decades. Dutch brewing giant Heineken did just that in September, when it announced its intention to acquire the dominant brewer in Central America, Fifco, which produces numerous beers, including Costa Rica’s most popular lager, Imperial.  

Growth markets
Revenue from beer sales topped $53 million in 2025 in Central America, and this is expected to grow steadily in the coming years to over $75 million by 2030. This reflects the wider trend of increased profits from the sale of beer in Latin America as a whole.  

Heineken CEO Dolf van den Brink stated that the deal would unlock new growth opportunities in the region. “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.” Fifco president, Wilhelm Steinvorth, added that the acquisition “offers a global platform for our iconic brands – like Imperial – to thrive and evolve.”

Founded in 1908, the Florida Ice and Farm Company (Fifco) produces both alcoholic and non-alcoholic drinks, as well as food products. It manages five production plants and 13 distribution centers across Central America, the Dominican Republic, Mexico and the United States. The Dutch brewing giant already held a 25% stake in Fifco, which it bought for $229 million in 2002.

The Fifco purchase is part of Heineken’s wider strategy of investing in beer production and distribution in Latin America

By acquiring the remaining 75% of the group, Heineken gets its hands on a whole host of interests in the region, including a 75% stake in Nicaragua Brewing Holding, which holds a 49.85% indirect stake in Compañía Cervecera de Nicaragua, the country’s leading drinks manufacturer. Heineken also acquired the remaining 25% stake that Fifco held in Cervecería Panamá, giving it full ownership of the Panamanian brewer. When the dust settles, the Fifco deal is expected to allow Heineken to make annual cost savings of over $50 million in operational synergies.

Aside from the growth potential of countries in Central America, acquiring full control of Fifco’s production and distribution facilities in and around the Panama Canal gives Heineken more options when it comes to the export market, both regionally and further afield, including faster, cheaper logistics and easier supply chain management across the Americas.     

Mexico 26
With a population of 132 million, Mexico is the 11th largest country in the world. As a host country of the 2026 Fifa World Cup, demand for beer is expected to jump significantly next summer. The last time the tournament was held in Latin America, in 2014 in Brazil, there was a 5% increase in beer consumption in the host country compared to the previous year, according to figures published by Japanese brewer Kirin, which has been tracking global beer consumption since 1975.

The Fifco purchase is part of Heineken’s wider strategy of investing in beer production and distribution in Latin America. In June, the group announced it would be pumping $2.75 billion into different projects in Mexico, including a state-of-the-art new facility on the Yucatan Peninsula in the southeast of the country with a production capacity of four million hectoliters per year.  The move puts Heineken in lockstep with eternal rival AB Inbev – the official beer supplier to the Fifa World Cup – which in April announced it was allocating $3.6 billion toward modernizing its own production and distribution infrastructure in the country.

Heineken will have a new president handling matters in the region from next March. On December 5th, the Amsterdam-headquartered group named Alex Carreteiro as regional president for the Americas and member of the Heineken executive. The current CEO of PepsiCo’s Brazil & South Cone foods business, he is a former vice president of North America at Nestlé.