To: Anna
From: Ishrak
Subject: Potential M&A targets in Asia
Hello Anna,
Hope you are well. I have compiled a list of potential M&A targets for Mr. Carlos’s WorldWide Brewing’s
expansion in the Asia.
Below you will find an comprehensive idea of a few companies and their portfolios to decide for M&A for Mr.
Carlos:
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 is the #2 player in
Spirit Bay Singapore and Malaysia and
#1 in Indonesia, 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 40%
pcp and amounted to
US$400mm.
Hipsters’ Ale is operating in
Hipsters’ many countries like
Ale Singapore, Malaysia,
Indonesia, Japan, Korea,
Cambodia in the segments of
beer and spirits. Its
operations include
manufacturing facilities,
distribution and direct sales
and it has demonstrated
decent growth in EBITDA in
FY2020 which was up 15%
pcp and amounted to
US$200mm.
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 across the
same segments and is the
leading player in Singapore,
Indonesia, and Malaysia,
suggesting the potential for
strategic benefits and synergies.
It has solid financial results and
an ownership structure that is
60% owned by Global Sponsor,
40% employee owned,
rendering a potential acquisition
relatively simple and feasible.
Spirit Bay would be appropriate
to share.
It is operating profitably in many Not Recommend
Asian countries, suggesting the
potential for strategic benefits
and synergies. It has solid
financial results but an
ownership structure that is
owned by 30 independent
breweries, rendering the
acquisition relatively complex
and hard.
 Brew Co. Brew Co. is the #1 alcohol
manufacturer in Malaysia in
the segments of beer and
spirits. Its operations include
manufacturing facilities only
and it has shown decline in
EBITDA in FY2020 by 5% pcp
and amounted to
US$800mm.
Bevy’s Bevy’s Direct is operating in
Direct many countries like
Singapore, Malaysia,
Indonesia, Japan, Korea,
Cambodia, China, Australia,
New Zealand in the segments
of beer, spirits and non-
alcoholic beverages. Its
operations include wholesale
distribution only and it has
demonstrated strong growth
in EBITDA in FY2020 which
was up 20% pcp and
amounted to US$3250mm.
Hope that helps and please let me know if you have any more queries on these companies. Have a great day!
Sincerely,
Ishrak Zaman
Although it is the leading player Not Recommend
in Malaysia, its EBITDA declined
in the past years and has an
ownership structure that is
mostly owned by institutional
shareholders in the stock
market, rendering a potential
acquisition relatively complex. It
is operating only in Malaysia and
might not be the best option for
the M&A deal as the operating
locations is not diversified.
It It is operating profitably in Recommend
many Asian countries,
suggesting the potential for
strategic benefits and synergies.
It has solid financial results and
an ownership structure that is
owned by 1 family only,
rendering a potential acquisition
relatively simple and feasible.
Bevy’s Direct would be
appropriate to share.