Sanlorenzo acquires Simpson Marine
The Italian shipyard has taken a controlling stake in the Asia-Pacific based yacht sales and service company…
Sanlorenzo has signed a binding agreement with Mike Simpson to acquire 95% of the share capital of his Simpson Marine. For Massimo Perotti, President and CEO of Sanlorenzo, this strategic move represents a pivotal moment in Sanlorenzo's international expansion efforts.
“Simpson Marine is a company with a well-established business and is highly regarded in the APAC region, with enormous growth potential,” he says. “We believe this acquisition will allow us to further develop our business in a strategically relevant market.”
The agreement involves a payment of $10 million, coupled with the potential for an earn-out of up to $7 million. This earn-out is tied to the net profit performance from 2023 and will be financed using Sanlorenzo's robust liquidity. The acquisition positions Sanlorenzo to increase its presence in the growing Asia-Pacific (APAC) yachting market.
Scheduled for the first quarter of 2024, the closing of this transaction marks the beginning of a new era for both Sanlorenzo and Simpson Marine. Following this agreement, subsequent steps will include the implementation of a strategic alignment and regional expansion plan for Simpson Marine's portfolio of brands and services. Simpson Marine, a key player in the APAC region for over 40 years, has been instrumental in representing Sanlorenzo since 2015.
“My teams located in 12 offices around Asia now have the opportunity to work with Sanlorenzo to take Simpson Marine and our range of services to the next level in Asia-Pacific and globally,” Simpson adds.
Sanlorenzo received legal support for the negotiation of contractual aspects from the law firm Musumeci, Altara, Desana e Associati, while Howse Williams assisted Mike Simpson.
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