Sanlorenzo Yachts has acquired Simpson Marine, securing 95% of the share capital from founder Mike Simpson for $10 million in cash. The total value of the transaction could rise to $17 million at the end of fiscal 2023.
Simpson Marine has represented Sanlorenzo in Asia since 2015 and has been broker in the Asia-Pacific region for more than 40 years. The merger gives Sanlorenzo direct distribution in Hong Kong, Singapore, Mainland China, Thailand, Indonesia, Malaysia and Taiwan.
“Simpson Marine is company with a well-established business and is highly regarded in the APAC region, with enormous growth potential,” Sanlorenzo CEO Massimo Perrotti said in a statement. “We believe this acquisition will allow us to further develop our business in a strategically relevant market.”
Sanlorenzo estimates Simpson Marine generated EBITDA of around $6.5 million and net income of about $4.5 million during the first nine months of fiscal 2023.
