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Sanlorenzo closes Simpson Marine acquisition
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The Italian shipyard has formally completed the acquisition of a majority share of Asia’s biggest yacht dealership.
Massimo Perotti, Executive Chairman of Sanlorenzo
Sanlorenzo Group has announced the closing of the acquisition of 95 per cent of share capital of Simpson Marine Limited from Mike Simpson, for an equity consideration of US$10 million, plus an earn-out up to US$7 million calculated on the net profit for the 2023 fiscal year.
The payment of the equity consideration is provided entirely by Sanlorenzo’s cash on hand. In the first nine months of 2023, on a pro-forma aggregated basis in accordance with local GAAP, the companies in the acquired perimeter of Simpson Marine generated an EBITDA around US$6.5 million and a net income around US$4.5 million.
The final determination of the earn-out amount will follow the completion of the Simpson Marine 2023 financial statements auditing process, expected by April 2024. The Musumeci, Altara, Desana e Associati law firm assisted Sanlorenzo with the legal aspects of the transaction.
Simpson Marine Group, representing Sanlorenzo in Asia since 2015, has been operating for 40 years as a major yacht sales and service company throughout Asia-Pacific. It provides Sanlorenzo with ‘plug-and-play’ direct distribution in several key markets: Hong Kong, Singapore, mainland China (Shenzhen and Sanya), Thailand, Indonesia, Malaysia and Taiwan.
Such a capillary network is strategic for the long-term growth of Sanlorenzo in APAC. The region is expected to witness the highest UHNWIs growth worldwide for the coming years, as well as a higher yachting penetration rate among the ultra-wealthy population, given the significantly lower starting basis compared to more historical yachting markets such as the Mediterranean and the Americas.
Ongoing public and private initiatives in the region, such as marina development projects along the southern Chinese coastline and the rise of Hainan as a new global luxury hub, reinforce optimism around the potential for a long-term wave of market expansion.
Simpson Marine is also expected to play a pivotal role in the further development of Sanlorenzo’s service offering at international level, as it offers extensive experience and expertise in a broad range of services, such as charter, refit, superyacht brokerage and yacht concierge.
