Compañía Cervecera de Nicaragua

Nicaraguan investors founded the company on 18 March 1926, and its first beer, Xolotlán, came out in 1929. In 1942, when imports of raw materials were restricted, it introduced Victoria, now a pilsner of 4.9% and the oldest beer still sold in Nicaragua. Toña, a lager of 4.6%, was launched in 1977 by a rival brewery to compete with Victoria; the two companies merged in 1996, and Toña has been exported to the United States since 2003. Since January 2026 Heineken has held an indirect 49.85% stake, bought from Costa Rica’s FIFCO.