BY APB Staff on 15 Mar 2024

Sanlorenzo has completed the acquisition of 95 per cent of the share capital of Simpson Marine Limited from Mike Simpson.

From the left: Mike Simpson, Founder of SImpson Marine ; Massimo Perotti, Chairman of Sanlorenzo

Mike Simpson, founder of Simpson Marine (left) and Massimo Perotti, chair of Sanlorenzo

Sanlorenzo has officially acquired 95 per cent of the share capital of Simpson Marine Limited from Mike Simpson, for an equity consideration of US$10m, plus an earn-out up to US$7m calculated on the net profit for the 2023 fiscal year.

The acquisition, originally announced last year, concluded on 5 March 2024. 

Simpson Marine Group, representing Sanlorenzo in Asia since 2015, has been operating for forty years as a leading yacht sales and service company throughout the APAC region, now providing Sanlorenzo with direct distribution in several key markets, namely Hong Kong, Singapore, mainland China (Shenzhen and Sanya), Thailand, Indonesia, Malaysia and Taiwan.

Simpson says such a capillary network is deemed highly strategic for the long-term growth of Sanlorenzo in the APAC region, which is expected to witness the highest UHNWIs growth worldwide for the coming years, as well as a higher yachting penetration rate among the ultra-wealthy population, given the significantly lower starting basis compared to more historical yachting markets such as the Med and the Americas.

Ongoing public and private initiatives in the region, such as yachting marinas’ development projects in Indonesia, Vietnam, the Philippines and along the Chinese Southern coastline with the rise of Hainan as a new global luxury hub, reinforce optimism around the tremendous potential for a long-term wave of market expansion.

Sanlorenzo Closes Acquisition of Simpson Marine Group

Simpson Marine is expected to play a pivotal role in the further development of Sanlorenzo’s service offering at international level.

As a result of the acquisition, Asiamarine has become the Lagoon dealer in Hong Kong, Singapore and Thailand, while Marine Italia is the new Hong Kong and Singapore dealer for Aquila.

Long-term senior executive at Sanlorenzo and recently appointed executive chair of Simpson Marine Group, Luca Cristino comments: “The acquisition of Simpson Marine Group by Sanlorenzo is a strategic step towards a direct distribution business model that the company pursues with the aim to serve customers better and remain in a privileged relationship with them, regardless their residential location.

“With 40 years’ experience and an impressive sales track in Asia, an excellent reputation and a dedicated expert team, Simpson Marine will continue to expand in Asia-Pacific with new market openings planned for Australia, New Zealand, Japan, and Vietnam, to name but a few.

“We remain a multi-brand yachting sales company with a complete services portfolio, strategically aligning to Sanlorenzo’s high-end positioning and values of bespoke and made to measure, that have always been at the core of our DNA. 2024 will be an exciting year for Simpson Marine with a host of business opportunities and we are ready, together with the team, to make the best of it”.

The law firm Musumeci, Altara, Desana e Associati assisted Sanlorenzo with the legal aspects of the transaction.

Sanlorenzo Closes Acquisition of Simpson Marine Group

Simpson Marine was founded in 1984 in Hong Kong by Mike Simpson as a yacht sales and charter company focused on meeting the needs of the developing marine industry in Asia. By the end of the 1980s, the company had been appointed regional distributor for several leading yacht brands and had recruited an expanding team of sales and after-sales service professionals around the region.

Today, the company employs over 130 professional staff and has a well-established sales and service network across Asia with 11 offices spread within Mainland China, Hong Kong, Taiwan, Singapore, Malaysia, Thailand and Indonesia. 

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