Company: Sanlorenzo, Simpson Marine
UK & International Business Sales and M&A News
Sanlorenzo, the Italian luxury yacht builder, has signed an agreement with Mike Simpson to acquire his equity in Simpson Marine, one of the leading yacht sales and service companies in the Asia-Pacific.
Simpson Marine Limited was founded by Mike Simpson in 1984, and offers new and pre-owned yacht sales, as well as charters, management, and after-sales services. The company has represented Sanlorenzo in Asia since 2015, and has now signed a binding share purchase agreement for Sanlorezo to acquire 95% of share capital of Simpson Marine Limited from Mike Simpson, with a payment of US$10m, plus an earn-out up to US$7m calculated on the net profit for the 2023 fiscal year, both paid with Sanlorenzo’s cash on hand.
Prior to the Sanlorenzo takeover, Simpson Marine Limited will make a distribution from retained earnings in favour of Mike Simpson.
Mike Simpson said:
“I am delighted to have signed this agreement with Sanlorenzo. 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.
“We have been selling, servicing, chartering and managing yachts in Asia for nearly 40 years and have built up a wealth of experience and expertise in the region.
“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.”
Mike Simpson - Founder of Simpson Marine
The Sanlorenzo shipyard in Liguria, with divisions in Viareggio and Massa, has been building high-quality motor yachts since 1958, and now offers a charter service alongside the manufacturing of new models.
The acquisition will enable the company to increase its direct presence in the APAC region, on the back of the experience and expertise crafted by Simpson Marine.
Massimo Perotti, Executive Chairman of Sanlorenzo, commented:
“We are very pleased to have signed this agreement with Mike Simpson of Simpson Marine. This is an important step for Sanlorenzo as we continue to expand our business globally.
“Simpson Marine is a well-established and widely respected company in the APAC region with 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.”
Massimo Perotti – Executive Chairman of Sanlorenzo
The transaction is expected to close in the first quarter of 2024. Once the sale of Simpson Marine has been finalised, the next steps will include the deployment of the strategic alignment plan and regional expansion scheme for the Simpson Marine portfolio of brands and services.
The law firm Musumeci, Altara, Desana e Associati assisted Sanlorenzo with the negotiation of the contractual aspects, and the firm Howse Williams assisted Mike Simpson.
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