Brewery Consultants - Brewing Consultants

Fairness Opinions

"Well supported, logical and defensible valuation conclusions"

Our goal is to ensure clients fully understand the value of an entity, asset or liability so they can make informed business and investment decisions. We provide independent and well-supported valuations to help our Brewery Clients successfully realize the value of their assets in today’s rigorous regulatory environment. This requires a thorough understanding of the applicable regulatory requirements, such as:

Valuation: Canadian, US or International Valuation Standards

Tax: Canada Revenue Agency or the IRS

Accounting: Generally Accepted Accounting Principles (GAAP)

Securities: Canadian and US Securities Commissions and Stock Exchanges

Corporate: Valuation case law, corporate governance trends, etc.

We help clients to properly quantify and articulate value for business valuation matters relating to:

•	Private company transactions, whether related to equity financing investments, acquisitions, divestitures, family management succession planning, shareholder buyouts or other purposes

•	Public company transactions, whether we act behind the scenes as an advocate to help you get the best deal, or as an independent expert including fairness opinions for the Board, or fair value opinions relating to shareholder dissent and oppression remedies.

•	Income tax transactions such as reorganizations, cross border restructuring and estate freezes.

•	Financial Reporting valuations in respect of goodwill impairment testing, intangible asset valuation and purchase price allocation, in accordance with Generally Accepted Accounting Principles.

•	Fairness opinions in conjunction with corporate and securities regulation requirements;

•	Critiques of valuation reports prepared by others to provide an independent, objective assessment of whether or not we believe a valuation report prepared by another firm or individual contains issues or deficiencies that may impair the credibility of its conclusions;

Our people possess deep functional valuation capabilities as well as highly specialized Brewing Industry experience and resources.

Services

Due Diligence

Valuations

Fairness Opinions

Strategic Acquisition

Business Planning & Modeling

Business Research

Equipment Valuation

Value Creation

Case Study

Independent Valuation Opinion On behalf of a minority shareholder First Key provided an objective assessment of the fair market value of their interest in the brewery for comparison to the Company’s offer price. The assignment was structured into two phases. The first phase included a critique of the Company’s valuation analysis to determine whether any deficiencies or limitations might have resulted in a material undervaluation of the shares. The second phase included a comprehensive valuation analysis and formal opinion prepared with the knowledge that our report may have to be defended in a court of law if legal proceedings were to commence. Because of our involvement, the client received share redemption proceeds in excess of 50% more than the original offer price.

Industry Advisor to Governments First Key consults to various government authorities with respect to antitrust/competition, regulation and policy, and other industry related matters.

Expert Witness a number of First Key consultants have served as expert witnesses on a variety of industry related cases in North America, Europe and Asia.