To: Anna
From: Pooja Adhikari
Subject: M&A Target companies in Asia
Hello
Hope you are doing well
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 largest player
Spirit Bay in Indonesia and Second
largest player in Singapore
and Malaysia in the segments
of beers, spirits and non –
alcoholic beverages. Its
operations include
Manufacturing facilities in
Indonesia and it has
attractive growth in EBITDA
in 2020 which was up 40%
pcp and amounted to US$400
mm
Hipsters’ Ale is the Malaysian
beer and spirits company. It
Hipsters’ operations include
Ale manufacturing (consortium
of independent
microbreweries in each
region), distribution, and
direct sales and it has good
growth in EBITDA in FY2020
which was up 15% pcp and
amounted to US$200mm.
Brew Co is the largest
player in Malaysia in the
Brew Co segments of beer and
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 Indonesia,
Singapore and Malaysia which
would be appropriate
strategically but the company is
60% owned by a Global
Sponsor and 40% owned by
employees which will reduce
simplicity but it still be
appropriate to share given its
market position in Singapore,
Malaysia and Indonesia and
exceptional financial
performance
Its segments and operations as Recommend
well as good financial results
will help strategically and and
financially but ownership
structure that is owned by 30
Independent Breweries may
affect feasibility, though
given the suitability
otherwise, it would still be
appropriate to share.
The company is not growing well Not Recommend
even after being listed in Stock
Exchange and is down 5% pcp.
Also, the company only
 spirits. It Operations
include only
manufacturing facilities
and the company have
earned US$800mm in
EBITDA for FY2020 which
is down 5 % pcp. The
company is listed on
Malaysian Stock Exchange
and is mostly owned by
Institutional Shareholders
Bevy’s Direct is the
Wholesale Distributor and
Bevy’s operates in beer, spirits and
Direct non-alcoholic beverages
across Malaysia, China,
Indonesia, Japan, Korea,
Cambodia, Australia and New
Zealand. It has demonstrated
strong growth rate in EBITDA
in 2020 which was 20% pcp
and amounted to US$250
mm
Regards
Pooja Adhikari
manufactures the products and
not involved in selling and
distribution. It is listed on
Malaysian stock exchange which
will increase the complexity of
acquisition. Brew Co would not
be appropriate to share.
It is Brewing across the segment Recommend
and operates across Malaysia,
China, Indonesia, Japan, Korea,
Cambodia, Australia and New
Zealand which will provide very
good list of opportunities to
start with the expansion. It has
good financial results and an
ownership structure that is
owned by 1 family, rendering a
potential acquisition relatively
simple and feasible. Bevy’s
Direct would be appropriate to
share