To: [insert name] Anna, US Managing Director

From: [insert name] Me. Member on Anna’s team

Subject: [insert subject] Possible Recommendations for WorldWide Brewing Co.

[Insert greeting]

[You may find it useful to format your email using the following table – we have given an example for one of the
companies below]

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 the second Again, it has similar operations Recommend
Spirit Bay largest player in Singapore to WorldWide Brewing across
and Malaysia, in the the same segments with a
segments of beer, spirits, and strong hold in Indonesia and a
non alcoholic beverages. Its leading player in Singapore and
operations include Malaysis, suggesting the
manufacturing facilities, potential for strategic benefits
distribution, and direct sales and synergies. The financials are
and it has demonstrated strong and are 60% owned by a
strong growth in EBITDA singular global sponsor, so an
which was up 40% pcp and acquisition may be relatively
amounted to US$400mm. simple. Spirit Bay, likewise, is
appropriate to share.

Hipster’s Ale is a consortium While it has similar operations No

Hipster’s of independent to WorldWide Brewing across
Ale microbreweries over the the same segments, the glaring
majority of Asia (Malaysia, issue is the independency of the
Singapore, Indonesia, Japan, ownership group. The amount of
Korea, Cambodia), in the resources needed to buy all 30
segment of beer and spirits. microbreweries may outweigh
Its operation includes the benefits of acquisition.
manufacturing facilities, Hipster’s Ale would be
distribution, and direct sales. inappropriate to share.
It has a EBITDA of
US$200mm, which is up 15%
pcp.

Brew Co. is the largest As a manufacturer, it is similar Recommend on

Brew Co. alcohol manufacturer in to WorldWide Brewing, so there condition of acquiring
Malaysia, in the segments of is potential synergy in that distributor.
 beer and spirits. It only regard. The financials are good,
operates in manufacturing but more research would be
facilities. It has an EBITDA of needed to see if the downtrend
US$800mm, which is down in EBITDA is something that will
5% pcp. continue.
It is publicly traded, so meeting
with their board will be
necessary.
In my opinion, we should couple
this with our next company to
horizontally integrate.
Bevy’s Direct is a wholesale Bevy’s Direct may be a good Recommend
Bevy’s distributor all over Asia. Its avenue to go whether by
Direct segments entail beer, spirits, coupling with a manufacturing
and non alcoholic beverages,. facility or exporting your own
Its EBITDA is US$250mm, product to Asia. The financials
which is up 20% pcp. are good and it has one owner,
so acquisition may be relatively
simple.

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