Ten million dollars and a maximum earn-out of a further seven million dollars. These are the figures of the agreement for the entry of Sanlorenzo S.p.A. into Simpson Marine, a company founded in 1984 in Hong Kong by Mike Simpson and which for 40 years has been one of the main operators in the APAC region in sales and services in the yachting sector, and which since 2015 has represented Sanlorenzo in Asia.
The agreement relating to the purchase of 95% of the share capital of Simpson Marine Limited and with earn-out on the net profit for the year 2023, was commented as follows by Massimo Perotti, former president of the Italian Marine Industry Association and president and CEO of Sanlorenzo: “This represents an important step towards the further expansion of our business internationally. Simpson Marine is a company with a well-established and highly recognised business model in the APAC region, with a huge potential for expansion. We believe this acquisition will allow us to further develop our business in a strategically relevant market.”
Simpson Marine offers a team of approximately 140 professionals spread across 12 locations throughout Asia and the closing of the transaction (preceded by Simpson Marine Limited’s distribution of retained earnings to Mike Simpson) is expected in Q1 2024. A strategic alignment and regional expansion plan for Simpson Marine’s portfolio of brands and services will follow.