Sanlorenzo S.p.A. has officially inked a binding share purchase agreement on December 7, 2023, to acquire a 95% share capital of Simpson Marine Limited from Mr. Mike Simpson. The deal, valued at USD 10 million, includes an earn-out of up to USD 7 million, linked to the net profit for the 2023 fiscal year. Sanlorenzo will fund both components using its existing cash reserves. Prior to the takeover, Simpson Marine Limited will make a distribution from retained earnings to Mike Simpson.
Having represented Sanlorenzo in Asia since 2015, Simpson Marine Group, with its four-decade legacy in yacht sales and service throughout the APAC region, provides Sanlorenzo with a direct foothold in this strategically vital market. The acquisition is positioned to enhance Sanlorenzo's service offerings, capitalizing on Simpson Marine's extensive experience and expertise.
Massimo Perotti, Executive Chairman of Sanlorenzo, expressed enthusiasm, stating, "This agreement with Mike Simpson is a significant step as we expand our global presence. Simpson Marine has a well-established reputation in the APAC region, and we believe this acquisition will fuel our growth in this key market."
Mike Simpson echoed these sentiments, saying, "I am delighted to have signed this agreement with Sanlorenzo. This sale provides an opportunity for Simpson Marine to build on past success in the region and align with Sanlorenzo's ambitious plans for expansion throughout APAC and beyond."
The transaction is slated for closure in the first quarter of 2024, with subsequent plans for strategic alignment and regional expansion for the Simpson Marine portfolio of brands and services. Comprehensive financial details will be disclosed post-closure, including the Earn-out amount based on the 2023 full-year results. Legal negotiations were supported by Musumeci, Altara, Desana e Associati for Sanlorenzo and Howse Williams for Mike Simpson.
Sanlorenzo was founded in 1958 in Viareggio by yacht builder Gionvanni Jannetti. In 2005, Massimo Perrotti became the majority shareholder in the shipyard. Sanlorenzo builds yachts ranging from 28.60 to 73 meters in length.
Credits: Sanlorenzo