Sanlorenzo acquires majority stake in Simpson Marine Group

Italian luxury yacht builder Sanlorenzo 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, founded by Mike Simpson in 1984, has represented Sanlorenzo in Asia since 2015.

The acquisition process has taken most of 2023 to finalise after Sanlorenzo signed a ‘non-binding Memorandum of Understanding’ in April 2023 regarding a potential takeover.

The process came to a successful conclusion with Sanlorenzo signing a Sale and Purchase Agreement on Thursday (7 December 2023) to acquire 95 per cent of share capital of Simpson Marine.

The deal involves 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.

Sanlorenzo says the acquisition will enable it to increase its direct presence in the APAC region, maintaining and developing the connections, expertise and experience gained over the years by Simpson Marine.

“I am delighted to have signed this agreement with Sanlorenzo,” says Mike Simpson. “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.

This sale to Sanlorenzo allows Simpson Marine to build on its past success in the region and share in Sanlorenzo’s plans for further expansion throughout APAC and beyond after they take control next year.

“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,” Simpson adds.

Massimo Perotti, executive chairman of Sanlorenzo, says: “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”.

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.