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    purvansh1210
    HappyHour Co. is the largest player in beer, spirits and non-alcoholic beverages in Singapore and Malaysia. It was founded in 1975 and recently expanded to China with new facilities planned for Cambodia. The majority owner is looking to exit and has initiated an auction process with indicative and final bid phases in 2020.

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    Task 2

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    purvansh1210
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    HappyHour Co. is the largest player in beer, spirits and non-alcoholic beverages in Singapore and Malaysia. It was founded in 1975 and recently expanded to China with new facilities planned for Cambodia. The majority owner is looking to exit and has initiated an auction process with indicative and final bid phases in 2020.

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    HappyHour Co. is the largest player in beer, spirits and non-alcoholic beverages in Singapore and Malaysia. It was founded in 1975 and recently expanded to China with new facilities planned for Cambodia. The majority owner is looking to exit and has initiated an auction process with indicative and final bid phases in 2020.

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    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    15 views2 pages

    Task 2

    Uploaded by

    purvansh1210
    HappyHour Co. is the largest player in beer, spirits and non-alcoholic beverages in Singapore and Malaysia. It was founded in 1975 and recently expanded to China with new facilities planned for Cambodia. The majority owner is looking to exit and has initiated an auction process with indicative and final bid phases in 2020.

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    CONFIDENTIAL

    HappyHour Co.
    HappyHour Co. is the largest player in Singapore and Malaysia, in the segments of beer, spirits and
    nonalcoholic beverages
    Overview Key financials

     founded in 1975 by majority owner and co- US$(in mn) FY FY FY


    18A 19A 20E
    founder Ms. Happy
    REVENUE 900 961 1071
    Leading producer and marketer of beer, GROWTH % - 7% 11%
    spirits and non-alcoholic beverages. BEER 100 110 135
     recently expanded operations to China and SPRINTS 75 85 105
    has new facilities planned for Cambodia. NON-ALCHOHOLIC BEVERAGES 50 55 60

    Majority holder Ms Happy is looking for an EBITDA 225 250 300

    exit. MARGIN% 25% 26% 28%


    NPAT 135 153 193
    Shareholders
    MARGIN % valuation
    Indicative 15% 16% 18%

    20.00 Indicative Valuation in US$ mn


    %
    20.00% 2020e EBITDA 300

    GROWTH % 20%

    60.00%
    EV/EBITDA 10x – 11.5x
    Source: RANGE
    Happy Family Hour Family Valuation 3000-3500
    1
    Co Family Range
    CONFIDENTIAL

    Overview of auction process and key workstreams

    Date Event Key workstreams


    19th Mar, 2020  Commencement of indicative  Conduct due diligence and maintain Q&A log
    bid phase  Verify the buyer entity and initiate financing
     Release of indicative bill discussion
    documents  Valuation Analysis
    Round 1: 9th April 2020- 13th  Indicative bill questions to be
    Indicative Bid  Check if any approvals are needed
    Phase April 2020 lodged

    Till 13th May  Indicative bills due

    May 2020  Start of final bid phase  Visit the site


     Process letter to be released  Further due diligence and maintain Q&A log
     Conduct valuation analysis on financial
    forecasts
    Round 2: Final  Prepare the final application
    Bid Phase
    July 2020  Final Bids

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