Sanlorenzo has signed a binding share purchase agreement to acquire 95% of share capital of Simpson Marine Limited from Mike Simpson.
The acquisition will involve 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.
Simpson Marine Group has represented Sanlorenzo in Asia since 2015 and has been operating for 40 years as a yacht sales and service company throughout the APAC region.
The confirmation of the acquisition will allow Sanlorenzo to establish a direct presence in the strategic region.
“This is an important step for Sanlorenzo as we continue to expand our business globally,” said Massimo Perotti, executive chairman of Sanlorenzo.
“Simpson Marine is a well-established and widely respected company in the APAC region with a 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.”
Mike Simpson added: “I have 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.”
The transaction is expected to close in the first quarter of 2024.
