Sanlorenzo moves other pieces in Asia. The world-leading luxury yachting group that produces "custom" yachts and superyachts has completed the operation started in April with Simpson Marine, opening up new routes in the Asia-Pacific region.
The company led by Massimo Perotti has signed a binding agreement for the purchase of 95% of Simpson Marine, a company referable to Mike Simpson, for 10 million dollars, in addition to an earn-out of up to a maximum of 7 million dollars calculated on the net profit of 2023. Both amounts are paid with Sanlorenzo's own liquidity. The operation comes after the memorandum of understanding signed between the two last April foreshadowed its acquisition.
The closing of which is expected in the first quarter of 2024, but before the change of ownership Simpson Marine Limited will make a distribution of previous profits in favor of Mike Simpson. Following the closing of the transaction, a strategic alignment and regional expansion plan will be developed for Simpson Marine's portfolio of brands and services.
The Simpson Marine Group, which represents Sanlorenzo in Asia since 2015, has been one of the main operators in the APAC region (Asia-Pacific) in sales and services in the yachting sector. This operation “will allow Sanlorenzo to establish a direct presence in the strategic APAC region, further developing the service offering by leveraging the experience and skills gained over the decades by Simpson Marine” says SanLorenzo.
Perotti: “Important step for international expansion”
This agreement “represents an important step towards further expanding our business internationally,” he said Massimo Perotti, President and CEO of Sanlorenzo. Simpson Marine is a well-established and highly recognized company in the APAC region, with enormous expansion potential. We believe this acquisition will allow us to further develop our business in a strategically relevant market.
Under the guidance of Mike Simpson, Simpson Marine has built a solid reputation with customers and operators in the nautical sector, as well as developed a highly loyal team of approximately 140 professionals, each among the best in their field, “making this group an investment with solid foundations and prospects, in line with our long-term strategic vision” says Perotti again. The Musumeci, Altara, Desana e Associati law firm assisted Sanlorenzo in the negotiation of the contractual aspects and the Howse Williams firm assisted Mike Simpson.
