To: Anna

From: Tamanna
Subject: M&A Targets

Greetings

I hope this email finds you well. Here I am discussing M&A targets for the Worldwide Brewing Co. to consider
while expanding there business in Asia. While, considering all strategic and financial perspectives in favour of
the Worldwide Brewing Co. , i have concluded all the details of the company

Company Description Relevance to WorldWide Recommendation

Happy Hour HappyHour Co. is the largest It has similar operations to Recommend
Co. player in Singapore and WorldWide Brewing across the
Malaysia, in the segments of same segments and is the
beer, spirits and non- leading player in Singapore and
alcoholic beverages. Its Malaysia, suggesting the
operations include potential for strategic benefits
manufacturing facilities, and synergies. It has solid
distribution and direct sales financial results and an
and it has demonstrated ownership structure that is
strong growth in EBITDA in owned by 3 families, rendering a
FY2020 which was up 20% potential acquisition relatively
pcp and amounted to simple and feasible. HappyHour
US$300mm. Co. would be appropriate to
share.
Spirit Bay Spirit Bay is the largest in It has similar operations to Recommend
Indonesia, Singapore and WorldWide Brewing across the
Malaysia in the segments of same segments and is the
beer, spirits and non- leading player in Indonesia,
alcoholic beverages. Its Singapore, Malaysia and China,
operations include suggesting the potential for
manufacturing facilities, strategic benefits and synergies.
distributions and direct sales It has solid financial results and
and it has illustrated a rapid an ownership structure that is
growth in EBITDA in FY2020 owned 60% by Global sponsors
which was up 40% pcp and and 40% by employees,
amounted to US$400mm. rendering a potential acquisition
relatively simple and feasible.
Spirit Bay would be appropriate
to share.
Hipsters’ Hipsters’ Ale has been It also has similar operations to Don’t Recommend
Ale expanded to Malaysia, WorldWide Brewing across the
Singapore, Indonesia, Japan, same segments and is the
Korea and Cambodia in the leading player in Malaysia,
segments of beers and spirits. Singapore and Indonesia,
It’s operations include suggesting the potential for
manufacture facilities, strategic benefits and synergies.
distributions and direct sales It has good financial background
and it has illustrated a and an ownership structure that
potential growth in EBITDA in is owned by 30 independent
FY2020 which was up 15% breweries, rendering a potential
pcp and amounted to acquisition relatively difficult
US$200mm and unlikely. Hipsters’ Ale would
be not appropriate to share.
 Brew Co. Brew Co. is the largest It has operations like Don’t Recommend
alcohol manufacturer in manufacturing facilities only as
Malaysia in the segment of compared to WorldWide
beer and spirits. Its operation Brewing across the same
includes manufacturing segments but they deal in beers
facilities only and it has and spirits and is the leading
exhibited impressive growth player in Malaysia, suggesting
in EBITDA in FY2020 which the potential for strategic
was up 5% pcp and benefits but have to
amounted to US$800mm. compromise in the segment and
operations area. It has solid
financial results and an
ownership structure that is
owned by mostly institutional
shareholders, rendering a
potential acquisition relatively a
little tough. Brew Co. would be
not appropriate to share.
Bevy’s Bevy’s Direct has been It has operations as wholesale Recommend
Direct expanded to Singapore, distribution only as compared to
Malaysia, China, Indonesia, WorldWide Brewing across the
Japan, Korea, Cambodia, same segments and is the
Australia and New Zealand in leading player in Singapore and
the segments of beers, spirits Malaysia,suggesting problems as
and non-alcoholic beverages. there operational areas are
Its operation includes different. It has solid financial
wholesale distribution only results and an ownership
and it has proved its growth structure that is owned by 1
in EBITDA in FY2020 which family, rendering a potential
was up 20% pcp and acquisition relatively more
amounted to US$250mm. simple and feasible. Bevy’s
Direct would be appropriate to
share.

Warm Regards
Tamanna