To: [Anna]

From: [Mohak]
Subject: [List of potential M&A targets]

[Dear Anna]

Company Description Relevance to WorldWide Recommendation

Brewing

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

r Co. player in Singapore and Worldwide Brewing across the
Malaysia, in the segments of same segments and is the leading
beer, spirits and non-alcoholic player in Singapore and
beverages. Its operations Malaysia, suggesting the
include manufacturing potential for strategic benefits
facilities, distribution and and synergies. It has solid
direct sales and it has financial results and an
demonstrated strong growth ownership structure that is
in EBITDA in FY2020 which owned by 3 families, rendering a
was up 20% pcp and potential acquisition relatively
amounted to US$300mm. simple and feasible. HappyHour
Co. would be appropriate to
share.
Spirit Bay is a major player in Spirit Bay has similar operations Recommend
Spirit Bay the beer, spirits, and non- to WorldWide Brewing in the
alcoholic beverages segment, segments of beer, spirits, and
headquartered in Indonesia. It non-alcoholic beverages and is
has operations in several the leading player in Indonesia,
countries, including with a strong presence in
Singapore and Malaysia, and Singapore and Malaysia. This
is the number one player in suggests the potential for
Indonesia. In FY2020, Spirit strategic benefits and synergies
Bay's EBITDA was if Spirit Bay were to be acquired
US$400mm, up 40% pcp. by WorldWide Brewing. With an
FY2020 EBITDA of
US$400mm, up 40% pcp, and an
ownership structure that is 60%
owned by a Global Sponsor and
40% employee owned.
Hipsters' Ale is a consortium With its consortium of Not Recommended
of independent independent microbreweries and
Hipsters' microbreweries with operations across multiple
Ale operations across several countries in Asia, Hipsters' Ale
countries in Asia. Its main has a unique market position in
segments are beer and spirits, the craft beer segment. Its solid
and it has demonstrated solid financial performance, including
growth with an FY2020 an FY2020 EBITDA of
EBITDA of US$200mm, up US$200mm, up 15% pcp, make
15% pcp. With 30 it an attractive acquisition target
independent breweries as for a larger player seeking to
shareholders, Hipsters' Ale is expand its presence in the
a major player in the craft region. Looking at the ownership
beer market in Asia. structure since there are more
than 30 could be a troublesome
process during the aquisation.
Brew Co. is the leading Brew Co.'s manufacturing Not Recommended
Brew Co. alcohol manufacturer in capabilities and market
Malaysia, with manufacturing leadership in Malaysia could
 facilities and no distribution make it an attractive acquisition
or direct sales operations. It is target for a larger player seeking
listed on the Malaysian stock to expand its production capacity
exchange and its institutional in the region. However, its lack
shareholder base suggests a of distribution and direct sales
potentially more complex operations could be a drawback.
M&A process. Its FY2020 The company's listing on the
EBITDA was US$800mm, Malaysian stock exchange and
down 5% pcp. institutional shareholder base
may also complicate potential
acquisition negotiations. Its
declining EBITDA performance
in FY2020 may also be a factor
to consider.
Bevy's Bevy's Direct is a Singapore- :Bevy's Direct's wholesale Recommended
Direct based wholesale distributor of distribution operations in the
beer, spirits, and non- same segments as Happy Hour
alcoholic beverages, with Co and Spirit Bay, combined
operations in multiple with its presence in multiple
countries in Asia and countries across Asia and
Oceania. It is solely owned by Oceania, make it an attractive
a single family and has shown target for potential M&A. Its
impressive growth, with strong financial results and
EBITDA of US$250mm in single-family ownership
FY2020, a 20% increase year- structure could make it a simpler
over-year. and feasible acquisition
compared to larger, publicly
traded competitors. Additionally,
its geographic reach could
provide strategic benefits and
synergies for a potential acquirer
looking to expand in the region.

Please do let me know if you have any questions,

[Thanks & Regards]

Mohak Gupta