Sanlorenzo signs MoU ahead of acquisition of major yacht firm

Italian luxury boatbuilder Sanlorenzo has signed a ‘non-binding Memorandum of Understanding’ as it ‘explores an acquisition’ of Simpson Marine — the firm’s largest and oldest dealer network in APAC.

In a statement, Sanlorenzo says the MoU was signed with Simpson Marine founder and managing director Mike Simpson ‘to evaluate the company’s entry into the Simpson Marine Group and other affiliated companies.’

Simpson Marine, which is based in Hong Kong, is a major yacht sales and service company that has been operating throughout the Asia-Pacific for the past four decades. With a network of 12 showrooms and ten service centres, it represents a raft of brands in the region, including Sanlorenzo, Bluegame, Fairline Yachts, Beneteau, Lagoon and Aquila.

Sanlorenzo’s statement continues: “The acquisition transaction, if realised, will allow Sanlorenzo to increase its direct presence in a strategically important territory such as APAC, maintaining and developing the expertise and experience gained over the years by Simpson Marine and thus making available to Sanlorenzo a wealth of excellence and highly specialised know-how.”

The news of a tentative agreement comes weeks after Sanlorenzo discussed the acquisition during a business presentation held in March.

During the ‘Road to 2030: Sanlorenzo’s responsible growth’ event, Sanlorenzo executive director and general manager Ferruccio Rossi reportedly told attendees the acquisition of Simpson ‘is expected by the first half of 2023’ — for an expected consideration of between €15-20 million.

The law firm Musumeci, Altara, Desana e Associati assisted Sanlorenzo with the negotiation of contractual aspects, and the firm Howse Williams assisted Mike Simpson.