(Alliance News) - Sanlorenzo Spa announced Tuesday that it has finalized the USD10 million acquisition of 95 percent of Simpson Marine Ltd.

Mike Simpson, who sold the stake, is entitled to an earn-out of up to USD7 million calculated on 2023 net income.

Simpson Marine Group, which has represented Sanlorenzo in Asia since 2015, has been operating for 40 years as one of the leading yacht dealers and service companies throughout the APAC region, now providing Sanlorenzo with direct plug-and-play distribution in several key countries, namely Hong Kong, Singapore, mainland China-Shenzhen and Sanya-, Thailand, Indonesia, Malaysia, and Taiwan.

Simpson Marine will also play a key role in the further development of Sanlorenzo's service offering internationally. In this regard, the acquisition is particularly synergistic in several respects. First, the entire group will benefit from Simpson Marine's extensive experience and expertise accumulated over decades in a wide range of services, such as charter, refit, superyacht brokerage, and yacht concierge, to name the main ones.

Sanlorenzo's stock closed Tuesday down 0.5 percent at EUR40.65 per share.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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