To: JP MORGAN
From: Thomas DURAND GICQUEL
Subject: M&A TARGET
thomasdurandgicquel@icloud.com
Company Description
Happy In Singapore andMalaysia, HappyHour
Hour Co. Co.is the biggest player in the beer,
spirits, and nonalcoholic beverage
industries. Its operations encompass
manufacturing facilities, distribution
channels, and direct sales, with a
notable increase in EBITDA inFY2020
from 20% pcp to US$300mm.
Spirit Bay is the largest player in
Spirit Indonesia and the second largest in
Bay Singapore and Malaysia, in the beer,
spirits and soft drinks segments. Its
operations include manufacturing
facilities, distribution and direct sales
and it recorded strong growth in its
EBITDA in FY20, which increased by
40% compared to the previous
financial year and amounted at 400
million US dollars.
Bevy's Direct is one of the leading
Bevy’s players in Asia and Oceania in the
Direct beer, spirits and non-alcoholic
beverages segments. Its business
includes wholesale distribution. It
achieved strong EBITDA growth in the
2020 financial year, increasing by 20%
year-on-year to US$250 million.
Hipsters' Ale operates in several Asian
Hipsters’ countries in the beer and spirits
Ale segments. Its activities include
manufacturing facilities, distribution
and direct sales, and it recorded strong
growth in EBITDA in the 2020
financial year, up 15% on the previous
year to US$200 million.
Relevance to WorldWide Brewing Recommendation
This company has several important Recommended
characteristics like those of WorldWide
Brewing, including the fact that it is the
market leader in Malaysia and Singapore and
operates in the same sector, which suggests
strategic advantages and synergies. In
addition, its shareholding is held by three
families, which makes a potential acquisition
relatively simple and feasible, given that the
main shareholder wishes to sell his shares.
Finally, the company has solid financial
results and controls the entire production
process. HappyHour Co. would be appropriate
to share.
This company has several important features Not
in common with WorldWide Brewing, recommended
including the fact that it is the market leader in
Indonesia and operates in the same sector,
which suggests strategic advantages and
synergies. However, despite its good financial
results and control of its entire production
process, the acquisition of the company
appears relatively complicated insofar as it is
owned by several shareholders who are
employees of the same company. Spirit Bay
would therefore not be suitable for a business
acquisition.
Bevy's Direct specialises in mass distribution, Recommanded
a major and strategic asset as it operates in
several Asian and Oceania countries.
However, it does not specialise in
manufacturing or supply, which is WorldWide
Brewing's business. Despite this, it has strong
financial results and a family-owned
ownership structure, making a potential
acquisition relatively straightforward and
achievable. It would be appropriate to acquire
Bevy's Direct.
It has similar activities to those of WorldWide Recommended
Brewing in the same segments and exports to
several Asian countries, suggesting strategic
advantages and synergies. It also has good
financial results, which makes it easy to
acquire, especially as it is owned by 30
independent breweries. Hipsters' Ale is
therefore suitable for a business acquisition.
 Brew Co. is Malaysia's largest
Brew Co manufacturer in the beer and spirits
segments. Its business includes
manufacturing facilities, and they have
earned $800 million in EBITDA for
fiscal year 2020.
Thomas DURAND GICQUEL
It has similar activities to WorldWide Brewing Recommended
in the same segments and is the market leader
in Malaysia, which suggests strategic
advantages and synergies. It has strong
financial results and the fact that it is listed on
the stock exchange facilitates its acquisition. It
would be appropriate to share Brew Co.