S T R I C T LY P R I VAT E A N D C O N F I D E N T I A L

HappyHour Co.
Company profile | June 2021

Anna, Managing Director

 CONFIDENTIAL

HappyHour Co.
COMPANY’S PROFILE
Overview Key financials

Overview of revenue, EBITDA and

 Producer and marketer of beer, spirits and non-alcoholic
NPAT
beverages
 
 Operations also include distribution and direct sales US$mm FY18A FY19A FY20E
 Geography of operations: Singapore, Malaysia, China Revenue 900 961 1,071
 Owns and operates manufacturing facilities in Singapore and EBITDA 225 250 300
China, while manufacturing is outsourced in Malaysia to NPAT 135 153 193
Brew Co.
 Headquarters: Singapore EBITDA breakdown by segment
 Growth strategy: recently expanded operations to China and US$mm FY18A FY19A FY20E
has new facilities planned for Cambodia Beer 100 110 135
Spirits 75 85 105
Shareholders
Non-alcoholic beverages 50 55 60

 Indicative valuation
Founding history: founded in 1975 by majority owner
and co-founder Ms. Happy
 High end product offerings in the spirits segment (premium
 Ownership structure:
valuation)
o Family 1 owned (Happy Family): 60%
 #1 player in beer and spirits in Singapore & Malaysia
o Family 2 owned (Hour Family): 20%
 #1 player in non-alcoholic beverages in Malaysia
o Family 3 owned (Co Family): 20%
 Creating new bottling facilities in Cambodia and has a strong supply
chain as well as good relationships with distributors
 EV/EBITDA range of 10.0x – 11.5x
 Beer market in Asia is expected to continue growing at a CAGR of
Source: JP Morgan
10%
1