Florida Ice and Farm Company S.A. (FIFCO)

What it is

FIFCO is a Costa Rican holding company headquartered in Heredia, structured around three subsidiaries: Florida Bebidas (beverages and food), Florida Capitales (investments in bottling), and Florida Inmobiliaria (resort hotels). It traces its origin to 1908, when the Lindo Brothers — Jamaican migrants — founded a farm and ice-making operation on a property called “La Florida” in the Atlantic province of Limón.

Through its subsidiaries, FIFCO produced and distributed beer, wine, carbonated drinks, bottled water and non-alcoholic beverages under brands including Imperial, Pilsen, Bavaria, Heineken, Agua Cristal and Tampico, as well as canned beans and sauces; it also invested in tourism, real estate, and beverage businesses in Nicaragua and Panama. The group operated across nine countries: Costa Rica, the United States, Mexico, Guatemala, El Salvador, Honduras, Nicaragua, Panama, and the Dominican Republic.

Who owns it

FIFCO has been registered on the Bolsa Nacional de Valores since August 1979, and currently has more than 2,100 shareholders. Heineken built a long-standing partnership with FIFCO beginning in 1986, and in 2002 acquired a 25% stake in FIFCO’s beverages business in Costa Rica, Distribuidora La Florida.

Exact percentage ownership of individual controlling shareholders is not disclosed in available public sources; the company is widely held among Costa Rican investors.

On September 22, 2025, FIFCO signed a binding agreement to sell to HEINEKEN N.V. the remaining 75% of Distribuidora La Florida — its beverage, food, and retail operations in Costa Rica, Guatemala, El Salvador, Honduras, and Mexico, together with interests in Nicaragua and Panama.

At the Extraordinary General Meeting, shareholders approved the sale with 81.68% of total share capital participating; the vote was 98.94% in favour.

Who runs it

Rolando Carvajal Bravo became CEO on January 1, 2024, succeeding Ramón Mendiola Sánchez; Carvajal had spent almost 20 years at FIFCO in various commercial and leadership roles. Carvajal has since joined HEINEKEN to continue leading the acquired operations through integration.

Wilhelm Steinvorth Herrera serves as Chairman of FIFCO’s Board of Directors, and also chairs Vidriera Centroamericana S.A. (VICESA). In 2024, the Board underwent its annual evaluation by a specialised independent firm and received an overall rating of 99.5%.

CFO details are not disclosed in available public sources.

The money, in plain words

In the fiscal year ended December 31, 2024, FIFCO recorded net sales of ¢823,950 million (~$1.83B) and gross profit of ¢420,360 million — meaning it kept about 51 cents of every colon of revenue after production costs, a gross margin of ~51% (our calculation). Net profit attributable to shareholders was ¢69,377 million (~$153.7M), a net margin of approximately 8.4% (our calculation), after operating profit grew 6.5% to a record level.

Dividends per share reached ¢55 in 2024 — a yield of 7.1%, the highest in the decade — though net profit fell by nearly ¢10,000 million compared with 2023’s record ¢95,266 million, partly due to the stronger colón squeezing foreign-currency earnings. Moody’s Costa Rica rates FIFCO AAA.cr with a Stable outlook — the highest possible — citing its market leadership, diversified portfolio, and low debt; the rating was affirmed in May 2025 on the basis of the 2024 results.

What it is doing now

In February 2026, HEINEKEN completed its acquisition of FIFCO’s beverage and retail businesses following receipt of all regulatory and corporate approvals, and immediately began integration, with Rolando Carvajal joining HEINEKEN to lead the operations. The total cash consideration was approximately $3.2 billion, implying an acquisition multiple of 11.6× EV/EBITDA based on 2024 results.

FIFCO will retain its hospitality and real estate businesses — including the Reserva Conchal luxury resort — and its 25.14% stake in glass-manufacturer Comegua. The business transferred to Heineken comprised 93% of FIFCO’s net sales and 88% of its attributable net profit in 2024; if the shareholder meeting had rejected the deal, FIFCO faced a $100 million break-fee penalty; shareholders who voted in favour stand to receive a special dividend in the range of $3.25–$3.55 per share.

What to watch

• FIFCO’s new shape. The sold division represented 93% of FIFCO’s net sales in 2024 — what remains is a much smaller, asset-light hospitality and real estate company. Investors must re-price it accordingly.
• Special dividend timing. Shareholders are expected to receive a special dividend of approximately $3.25–$3.55 per share from the deal proceeds; timing and mechanics remain to be confirmed.
• FIFCO USA. FIFCO stated it is evaluating strategic alternatives for its U.S. business to maximise value — a disposal or restructuring of the North American arm is the next piece to watch.
• Currency risk. Fluctuation in the Costa Rican colón/dollar exchange rate remains the most relevant external risk to FIFCO’s consolidated financial statements.
• Heineken integration. Integration of the acquired operations is expected to be completed in 2026; any disruption to FIFCO’s iconic Central American brands or workforce could affect value for both sides.

This is news, not investment advice.