- Business - Sanlorenzo secures Simpson Marine

By SuperyachtNews

Sanlorenzo secures Simpson Marine

The Italian shipbuilder has completed the purchase of a 95% majority share of the Hong Kong-based yacht broker, with the fee expected to rise…

Sanlorenzo has closed the acquisition of Simpson Marine, having secured 95% of the share capital from founder Mike Simpson for $10 million in cash, provided entirely from the shipyard’s cash on hand. The total cost of the acquisition could rise to $17 million at the end of fiscal 2023.

“Simpson Marine is a company with a well-established business and is highly regarded in the APAC region, with enormous growth potential,” Massimo Perrotti, CEO of Sanlorenzo said in a previous statement. “We believe this acquisition will allow us to further develop our business in a strategically relevant market.”

Simpson can potentially earn a further $7 million depending on Simpon Marine's financial performance for the 2023 fiscal year, with confirmed results expected by April 2024. Sanlorenzo estimates that Simpson Marine generated an EBITDA of around $6.5 million and a Net Income of around $4.5 million during the first nine months of 2023.

Simpson Marine Group, representing Sanlorenzo in Asia since 2015, has been operating for over four decades as a major yacht sales and service company throughout the APAC region. The merger now provides Sanlorenzo direct distribution in several key countries, namely Hong Kong, Singapore, Mainland China (Shenzhen and Sanya), Thailand, Indonesia, Malaysia and Taiwan.

The move marks a substantial development in the Asian yachting market, especially considering the region is expected to have a significant surge in UHNWI growth over the next decade. Ongoing public and private initiatives in the region, such as yachting marinas’ development projects along the Chinese Southern coastline and the rise of Hainan as a new global luxury hub, reinforce this optimism for potential long-term growth and market expansion.

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