To: Anna
From: Hephzibah
Subject: Recommending appropriate target companies for M&A for WorldWide Brewing Co.
Hello Anna,
The following information provides a basic understanding of each company our colleagues in Hong Kong have
provided us with. This is my understanding on which company I think is appropriate to recommend or not to
WorldWide Brewing Co. for their M&A.
Company Description
HappyHour HappyHour Co. is the largest
Co. player in Singapore and
Malaysia, in the segments of
beer, spirits and non-
alcoholic beverages. Its
operations include
manufacturing facilities,
distribution and direct sales
and it has demonstrated
strong growth in EBITDA in
FY2020 which was up 20%
pcp and amounted to
US$300mm.
Spirit Bay Spirit Bay is also one of the
largest players in Indonesia,
Singapore, Malaysia and
China, in the segments beer,
spirits and non-alcoholic
beverages. it’s operations
include manufacturing
facilities, distribution and
direct sales. It has
demonstrated strong growth
in EBITDA in FY2020 which
was up 40% and amounted to
US$400mm.
Hipster’s Hipster’s Ale has its
headquarters in Malaysia and
Relevance to WorldWide Recommendation
Brewing
It has similar operations to Recommend
WorldWide Brewing across the
same segments and is the
leading player in Singapore and
Malaysia, suggesting the
potential for strategic benefits
and synergies. It has solid
financial results and an
ownership structure that is
owned by 3 families, rendering a
potential acquisition relatively
simple and feasible. HappyHour
Co. would be appropriate to
share.
It has similar operations to Recommend
WorldWide Brewing co. across
the same segments and is the
leading player in Indonesia and
al #2 in Singapore and Malaysia,
proving potential for strategic
benefits. It has solid financial
results and has an ownership
structure where majority of the
shares are owned by Global
sponsors and have been
undergoing aggressive cost
cutting measures to improve
their earnings, which makes
potential acquisition feasible.
Spirit Bay would be appropriate
to share.
It has similar operations to Recommend
WorldWide Brewing co. across
 Ale it also has locations in
Singapore, Indonesia, Japan,
Korea and Cambodia, in the
segments beer and spirits. It’s
operations include
manufacturing facilities,
distribution and direct sales.
It has demonstrated good
growth in EBITDA in FY2020
which was up 15% and
amounted to US$200mm.
Brew Co. Brew Co. is the largest
manufacturing player in
Malaysia, in the segments
beer and spirits. It’s
operations include
manufacturing facilities only.
Although it has good financial
results it has a fall in EBITDA
in FY2020 which was down by
5% and amounted to
US$800mm.
Bevy’s Bevy’s direct has its
direct headquarters in Singapore
and has locations in
Malaysia, China, Indonesia,
Japan, Korea, Cambodia and
even non Asian countries like
Australia and New Zealand, in
the segments beer, spirits
and non-alcoholic beverages.
It only operates in wholesale
distribution. It has a strong
growth in EBITDA in FY2020
which was up by 25% and
amounted to US$250mm.
Hephzibah
Hephzibah Leanna.
segments in beer and spirits and
is operating in major asian
countries like
Singapore,Indonesia, Japan,
Korea and Cambodia. It has
good financial results and is
owned by 30 independent
breweries. Acquisition seems
feasible. Hipster’s Ale would be
appropriate to share.
Its manufacturing facilities Not recommend
operations are the only one
similar to WorldWide Brewing
Co. across two segments in beer
and spirits. It is the largest
manufacturing player in
Malaysia. It has pretty good
financial results. It’s
shareholders include mostly
institutional shareholders listed
on the Malaysian stock
exchange. The only drawback is
that the company doesn’t have
much exposure to other Asian
countries and is restricted to
only Malaysia. Brew Co. is not
appropriate to share.
It has operations in wholesale Recommend
distributions across similar
segments to WorldWide
Brewing Co. It has wide
exposure not only in Asia but
also in Australia and New
Zealand. It has good financial
results and an ownership
structure that is owned by one
family making potential
acquisition relatively easy and
feasible. Bevy’s direct would be
appropriate to share.