SHARE
Sanlorenzo acquires Simpson Marine
SHARE
The Italian shipyard will have a direct presence across Asia-Pacific after finalising the acquisition of a majority stake of Simpson Marine Group.
Simpson Marine has represented Sanlorenzo in Asia since 2015
Sanlorenzo signed a binding agreement on December 7 to acquire 95 per cent of share capital of the Simpson Marine Group from Mike Simpson, with a payment of US$10 million plus an earn-out up to US$7 million calculated on the net profit for the 2023 fiscal year.
Prior to the Sanlorenzo takeover, expected to close in the first quarter of 2024, Simpson Marine will make a distribution from retained earnings in favour of Mike Simpson. Further details on financials of the target perimeter will follow upon closing and determination of the earn-out amount based on 2023 full-year results.
Simpson Marine was founded by Mike Simpson in 1984 and has represented Sanlorenzo in Asia since 2015.
Mike Simpson, founder of Simpson Marine
Mike Simpson said: “I’m delighted to have signed this agreement with Sanlorenzo. I’ve known Massimo Perotti, the principal shareholder and Chairman of Sanlorenzo, for nearly 40 years and have the greatest respect for his success in building Sanlorenzo into the powerhouse it has become in the world of luxury yachts.
“This sale to Sanlorenzo provides an opportunity for Simpson Marine to build on their past success in the region and share in Sanlorenzo’s ambitious plans for further expansion throughout APAC and beyond after they take over control next year.
“We have been selling, servicing, chartering and managing yachts in Asia for nearly 40 years and have built up a wealth of experience and expertise in the region. My teams located in 12 offices around Asia now have the opportunity of working with Sanlorenzo to take Simpson Marine and our range of services to the next level in the Asia-Pacific and globally.”
The acquisition will enable Sanlorenzo to increase its direct presence in the strategically important APAC region, maintaining and developing Simpson Marine’s connections, expertise and experience.
Massimo Perotti, Executive Chairman of Sanlorenzo
Massimo Perotti, Executive Chairman of Sanlorenzo, said: “We’re very pleased to have signed this agreement with Mike Simpson of Simpson Marine. This is an important step for Sanlorenzo as we continue to expand our business globally.
“Simpson Marine is a well-established and widely respected company in the APAC region with tremendous potential for further expansion, and we believe that this acquisition will enable us to further develop our business in this strategically important market.
“Under Mike Simpson’s leadership, Simpson Marine has gained a strong reputation among customers and industry peers, having developed a highly loyal team of around 140 professionals who are among the best in their respective fields, making it a sound and promising investment in line with our long-term strategic vision.”
Once the sale of Simpson Marine has been finalised in 2024, Sanlorenzo’s next steps will include deployment of the strategic alignment plan and regional expansion scheme for the Simpson Marine portfolio of brands and services.
