To: Anna

From: Seri Lalitha Devi

Subject: Potential M&A targets

I trust this message finds you well. I wanted to take a moment to extend my warmest greetings to you.

Company Description Relevance to WorldWide Recommendation

Brewing

HappyHour HappyHour Co. is the largest It has similar operations to Recommend

Co. player in Singapore and WorldWide Brewing across the
Malaysia, in the segments of same segments and is the
beer, spirits and non- leading player in Singapore and
alcoholic beverages. Its Malaysia, suggesting the
operations include potential for strategic benefits
manufacturing facilities, and synergies. It has solid
distribution and direct sales financial results and an
and it has demonstrated ownership structure that is
strong growth in EBITDA in owned by 3 families, rendering a
FY2020 which was up 20% potential acquisition relatively
pcp and amounted to simple and feasible. HappyHour
US$300mm. Co. would be appropriate to
share.
Spirit Bay is a prominent Spirit Bay’s information can offer Recommend
beverage company valuable insights and
Spirit Bay headquartered in Indonesia, benchmarks for Worldwide
with operations extending to Brewing as it navigates its
Singapore, Malaysia, and expansion into Asia, helping
China. Focused on beer, inform strategic decisions and
spirits, and non-alcoholic potentially identifying areas for
beverages, the company collaboration or adaptation of
holds the second position in successful strategies.
Singapore and Malaysia and
is the leading player in
Indonesia. Operating
manufacturing facilities in
Indonesia, Spirit Bay
emphasizes in-house
production, complemented
by distribution and direct
sales. Its ownership structure
comprises a 60% stake held
by a Global Sponsor and a
40% employee ownership.
Notably, the company
reported a robust financial
performance with an EBITDA
of US$400 million for the
fiscal year ending in June
2020, showcasing a
remarkable 40% year-over-
year growth.
Hipsters’ Hipsters’ Ale is a Malaysia- The information about Hipsters’ Recommend
Ale based beverage company Ale offers valuable insights and
with a significant presence benchmarks for Worldwide
 across Asia. With Brewing as it contemplates an
headquarters in Malaysia and overseas expansion into Asia. It
additional operations in provides a glimpse into the
Singapore, Indonesia, Japan, regional market dynamics,
Korea, and Cambodia, the operational models, and
company operates primarily ownership structures that could
in the beer and spirits inform strategic decisions and
segments. Unlike centralized facilitate a successful entry into
manufacturing, Hipsters’ Ale the Asian market.
employs a unique approach,
utilizing a consortium of
independent microbreweries
in each region for production.
The company manages
distribution and engages in
direct sales to reach
consumers. Hipsters’ Ale
boasts a distinctive
ownership structure with 30
independent breweries as
shareholders, fostering a
collaborative and
decentralized ownership
model. In terms of financial
performance, the company
reported an EBITDA of
US$200 million for the fiscal
year ending June 2020,
showing a commendable 15%
year-over-year growth. This
information provides a
snapshot of Hipsters’ Ale’s
regional presence,
operational model,
ownership dynamics, and
recent financial performance.
Brew Co., headquartered in Understanding Brew Co.’s Recommend
Brew Co. Malaysia, is a prominent market presence, operational
player in the alcoholic model, ownership structure, and
beverage industry, focusing financial performance can
on beer and spirits segments. provide valuable benchmarks
The company operates and insights for Worldwide
exclusively through Brewing as it contemplates an
manufacturing facilities, overseas expansion, particularly
holding the esteemed in the dynamic and growing
position of being the leading market of Asia.
alcohol manufacturer in
Malaysia. As a publicly listed
company on the Malaysian
stock exchange, Brew Co.
Primarily caters to
institutional shareholders.
Despite being a major player,
the company reported an
EBITDA of US$800 million for
the fiscal year ending June
2020, showing a modest
decline of 5% year-over-year.
 This information provides a
concise overview of Brew
Co.’s market presence,
operational focus, ownership
structure, and recent
financial performance.
Bevy’s Direct, headquartered The information about Bevy’s Recommend
in Singapore, is a versatile Direct offers valuable insights
Bevy’s beverage company with a and benchmarks for Worldwide
Direct broad regional footprint, Brewing as it considers overseas
including locations in expansion, particularly in the
Malaysia, China, Indonesia, dynamic and growing markets of
Japan, Korea, Cambodia, Asia. Understanding Bevy’s
Australia, and New Zealand. Direct’s regional success,
Operating in the segments of distribution model, and financial
beer, spirits, and non- performance can inform
alcoholic beverages, the strategic decisions and increase
company distinguishes itself the likelihood of a successful
by engaging exclusively in entry into new markets.
wholesale distribution. Bevy’s
Direct is unique in its
ownership structure, being
owned entirely by one family.
Despite the challenges of the
previous fiscal year, the
company demonstrated
financial resilience with an
EBITDA of US$250 million,
reflecting an impressive 20%
year-over-year growth as of
June 2020. This information
provides a concise overview
of Bevy’s Direct’s
geographical presence,
operational focus, ownership
dynamics, and recent
financial performance

S.Lalitha Devi