Sanlorenzo Closes the Acquisition of 95% of Simpson Marine Group
Sanlorenzo S.p.A. (“Sanlorenzo” or the “Company” or the “Group”) announces the closing, on 5th March 2024, of the acquisition of 95% of share capital of Simpson Marine Limited (“Simpson Marine”) from Mike Simpson, for an equity consideration of USD 10 million, plus an earn-out up to USD 7 million calculated on the net profit for the 2023 fiscal year.
Simpson Marine Group, representing Sanlorenzo in Asia since 2015, has been operating for forty years as a leading yacht sales and service company throughout the APAC region, now providing Sanlorenzo with plug-and-play direct distribution in several key countries, namely Hong Kong, Singapore, Mainland China (Shenzhen and Sanya), Thailand, Indonesia, Malaysia and Taiwan. Such a capillary network is deemed highly strategic for the long-term growth of Sanlorenzo in the APAC region, which 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 Med and the Americas. Ongoing public and private initiatives in the region, such as yachting marinas’ development projects in Indonesia, Vietnam, the Philippines and along the Chinese Southern coastline with the rise of Hainan as a new global luxury hub, reinforce optimism around the tremendous potential for a long-term wave of market expansion.
Simpson Marine is expected to play a pivotal role in the further development of Sanlorenzo’s service offering at international level. In this respect, the acquisition is highly synergic under several aspects. First of all, the whole Group is set to benefit from the wide experience and expertise cumulated over decades by Simpson Marine in a broad range of services, such as charter, refit, superyacht brokerage, and yacht concierge, just to name the main ones. Furthermore, Sanlorenzo now boasts a unique direct footprint from West to East, with a capillary structure in South-East Asia, which can be leveraged to add cross-border commercial propositions.
Long-term senior executive at Sanlorenzo and recently appointed Executive Chairman for Simpson Marine Group, in support of the current management team in place, Luca Cristino comments: “The acquisition of Simpson Marine Group by Sanlorenzo is a strategic step towards a direct distribution business model that the company pursues with aim to serve customers better and remain in a privileged relationship with them, regardless their residential location. With 40 years’ experience and impressive sales track in Asia, an excellent reputation and a dedicated expert team, Simpson Marine will continue to expand in Asia-Pacific with new market openings planned for Australia, New Zealand, Japan, Vietnam, to name but a few. We remain a multi-brand yachting sales company with a complete services portfolio, strategically aligning to Sanlorenzo’s high-end positioning and values of bespoke and made to measure, that have always been at the core of our DNA. 2024 will be an exciting year for Simpson Marine with a host of business opportunities and we are ready, together with the team, to make the best of it”.
The law firm Musumeci, Altara, Desana e Associati assisted Sanlorenzo with the legal aspects of the transaction.
See www.simpsonmarine.com/news/sanlorenzo-closes-the-acquisition-of-95-of-simpson-marine-group/
