To: Anna
From: Chin
Subject: Potential target For Worldwide Brewing
Greetings,
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 based in
Indonesia as the largest
player, and the second player
in Singapore and Malaysia.
It’s operations involve
manufacturing facilities,
distribution and direct sales.
It had demonstrated a
EBITDA of US$400mm, which
up to 40% pcp.
Hipster’ Ale Hipster’ Ale based in
Malaysia with market
penetration in Singapore,
Indonesia, Japan, Korea and
Cambodia. It’s operations
including consortium of
independent microbreweries
in each region for
manufacturing, distribution
and direct sales. It has a
EBITDA of US$200mm, which
is up 15% pcp.
Brew Co. Brew Co is an alcohol
manufacturer based in
Malaysia with company listed
in Malaysia stock exchange. It
has EBITDA US$800mm,
which down 5% pcp
Bevy’s Bevy’s Direct had a
Direct headquarter in Singapore,
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.
Spirit Bay segments are aligned Not recommend
with the Worldwide Brewing,
with market player in Indonesia,
Singapore and Malaysia.
However, the company had
been undergoing an aggressive
cost cutting to improve their
revenue, cause the 40% pcp. The
shareholders structure was
slightly complicated for
acquisitions as 60% of
ownership owned by Global
Sponsor.
Hipsters’ Ale’s high market Not recommend
penetration in Asia provide key
opportunity for Worldwide
Brewing for overseas market
expansion. Hipsters’ Ale only
involve in Beer and Spirit
segment, which is one of the
segment of Worldwide Brewing.
The shareholders structured by
30 independent breweries make
the acquisition hard to be
process.
Brew Co had only manufacturing Not recommend
facilities in Malaysia without any
direct market connection. It
segments and market involved
slightly incompatible with the
Worldwide Brewing purpose to
expand the Asia market.
High market penetration in Asia Recommend
Pacific provide key opportunities
 and market shares in
Malaysia, China, Indonesia,
Japan, Korea, Cambodia,
Australia as well as New
Zealand. Its business
segments including beer,
spirits and non-alcoholic
beverages. It had a EBITDA
US$250mm in FY June 2020
up 20% pcp.
for Worldwide Brewing’s
expansion in Asia. It’s business
segments was compatible with
Worldwide Brewing operations.
It shareholder structure with
one family would help in
simplify the acquisition process

Regards,
Chin