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 | March 2020

Nupur Shah
 CONFIDENTIAL

HappyHour Co.
Leading producer of beer, spirits and non-alcoholic beverages in Singapore & Malaysia growing current operations

Overview Key financials

 Asia based producer and marketer of beer, spirits and non-alcoholic beverages US $mm   FY18A FY19A FY20A
Revenue 900 961 1,071
 Operations include manufacturing, distribution and direct sales in Singapore (HQ),
Growth (%) - 7% 11%
Malaysia (manufacturing in Malaysia is outsourced to Brew Co.) and China
 Recently expanded operations to China and has expansion plans for Cambodia
Beer 100 110 135
 Majority Owner and Co-founder Ms. Happy looking to exit with no close family to inherit
Spirits 75 85 105
the business.
Non-alcoholic beverages 50 55 60
 Key Strengths:
EDITDA   225 250 300
 Largest Beer and Spirits company in Singapore & Malaysia Margin (%) 25% 26% 28%

 Largest non-alcoholic beverages in Malaysia

 Developed a strong supply chain with strong relationship with distributors NPAT   135 153 193
Margin (%) 15% 16% 18%

Shareholders

Co
Indicative valuation
Famil
y; US$mm      
Hour
20% Happy 2020E EDITDA 300
Famil
Family
y; ; 60% Growth (%) 20%
20%

EV/EBIDTA Multiple 10.0x-11.5x

Valuation Range     3,000-3,500

Source: Notes on HappyHour Co. v3