on 4 May 2023
Sanlorenzo and Simpson Marine acquisition discussions are ongoing, according to Simpson Marine, which stressed its commitment to all customers
On March 15, Sanlorenzo’s top executives, including Chairman Massimo Perotti, announced their intention to acquire Simpson Marine, one of the biggest names in yachting in the Asia-Pacific and the largest single dealership network in the region.
In a statement released shortly after Sanlorenzo executives discussed the business plan for 2023 to 2025, the company said that “the acquisition of Simpson Marine, a network of 12 showrooms and 10 service centres covering the entire Far East, is expected by the first half of 2023.”
A further statement on April 12 clarified that Sanlorenzo and Mike Simpson, founder of Simpson Marine, had “signed a non-binding Memorandum of Understanding to evaluate the possible entry of Sanlorenzo as majority shareholder in the Simpson Marine Group and other affiliated companies.”
Sanlorenzo added that, were the transaction to be finalised, it would 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.”
On April 28, Simpson Marine released a statement on the discussions:
“With an understanding for the tremendous potential of yachting in the Asia-Pacific, Sanlorenzo is formally considering a strategic investment into Simpson Marine Group, which would further strengthen its presence and footprint in the region. A non-binding MOU between Mike Simpson, Simpson Marine Founder and Managing Director and Massimo Perotti, Sanlorenzo SpA Chairman, was signed in early April 2023. A further study on this potential investment is currently ongoing and will be completed over the next few months.”
Sanlorenzo and Simpson Marine have enjoyed a fruitful relationship since 2015, when Simpson began representing Sanlorenzo in the region. The Simpson Marine statement notes that the relationship between Mike Simpson and Massimo Perotti dates to 1986, when Perotti was working for Azimut, which was formerly represented by Simpson Marine.
In 2005, Perotti acquired Sanlorenzo and has since grown the company annual revenues from €40 million (US$44 million) to nearly €1 billion (US$1.103) today. In 2014, Perotti approached Mike Simpson about switching to Sanlorenzo. Since then, Simpson Marine has accounted for almost one-quarter of annual sales revenue for Sanlorenzo.
In addition to Sanlorenzo and Bluegame (a division of Sanlorenzo), Simpson Marine currently represents Beneteau sailing and motoryachts, Aquila power catamarans, Lagoon sailing catamarans, and Fairline motoryachts.
Simpson Marine further clarified:
“While the discussions between the companies are underway, it is business as usual and Simpson Marine’s engagement with all partner shipyards remains strong. Likewise, its commitment to the customers and yacht owners purchasing yachts of all brands remains unchanged. All Simpson Marine customers can be guaranteed of the company’s standard market-leading service they are accustomed to. Both parties will continue to communicate as discussions progress.”
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