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To: Anna

From: Akshat Chaturvedi


Subject: Potential M&A targets for Worldwide Brewing

Hi Anna,

Below are my descriptions and recommendations for potential M&A targets for worldwide brewing.

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
FY2020 which was up 20% a potential acquisition relatively
pcp and amounted to simple and feasible. HappyHour
US$300mm. Co. would be appropriate to
share.

Spirit Bay is the second Its segments and operations Recommend


largest player in Singapore would be appropriate
Spirit bay and Malaysia and largest strategically. The relatively
player in Indonesia in distributed ownership with 60%
segments of beer, spirits and of the company owned by
non-alcoholic beverages. It Global Sponsor and 40% owned
operates manufacturing by employees would reduce
facilities and engages in simplicity but it would still be
distribution and direct sales appropriate to share given its
and its EBITDA grew by 40% market position in Singapore,
pcp to US$400mm in Malaysia and Indonesia and
FY2020. exceptional financial
performanc
Hipsters' Ale has locations An acquisition of Hipsters' Ale Recommend
in Singapore, Indonesia, would make sense
Hipsters' Japan, Korea and Cambodia strategically and financially,
Ale and focuses on beer and given its relevant. segments
spirits. Its operations and operations as well as solid
include manufacturing financial performance. Its
facilities, distribution and ownership by 30 independent
direct sales breweries may affect feasibility,
and the company
experienced EBITDA though given the suitability
growth of 15ft pcp to reach otherwise, it would still be
USH200mm (FY2020). appropriate to share.

Brew Co. Brew Co. is the largest It would not be a good fit from a Not Recommend
alcohol manufacturer in strategic expansion perspective,
Malaysia. Its operations given it is Malaysia focused and
include manufacturing operates manufacturing facilities
facilities only and although it only. It is listed on the Malaysian
had an EBITDA of stock exchange which
US1800mmin FY2020, this wouldIncrease the complexity of
was down 5f pcp. a potential acquisition given its
dispersed ownership. As such,
Brew Co. would not be
appropriate to share.

Bevy's Bevy's Direct has locations in It has locations spanning across Recommend
Direct Malayisa, China, Indonesia, Asia-Pacific and its segments
Japan, Korea, Cambodia, are
Australia and New Zealand
Let me know if you have
and is a wholesale distributor
any questions or if can help
in beer, spirits and non
with anything else
alcoholic beverages. It
reported an EBITDA of appropriate to share. aligned
USff250mm which was up with WorldWide Brewing. This
20 pcp. may make sense from a
strategic viewpoint for a vertical
acquisition and would be simple
and feasible given it is owned by
one family. Bevy's Direct would
be appropriate to share.

Let me know if you have any questions or if can help with anything else.

Kind regards,

● Akshat Chaturvedi.

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