Sanlorenzo completes the purchase of 95% of the share capital of Simpson Marine Limited from Mike Simpson, already dealer of the brand since 1995. The consideration is 10 million dollars, plus an earn-out up to a maximum of 7 million dollars calculated on the net profit relating to the 2023 financial year (end of review in April 2024). The payment of the consideration is entirely covered by Sanlorenzo’s own liquidity.
The Simpson Marine group, which in the first nine months of 2023, on a pro-forma aggregate basis according to local accounting standards, generated an Ebitda of approximately 6.5 million dollars and a net profit of approximately 4.5 million dollars, in addition to continue to be a dealer will be a Sanlorenzo service hub for Asia/Pacific, an area which – according to Sanlorenzo management – “is expected to record the highest growth of UHNWI worldwide in the coming years, as well as high penetration rate of yachting among the ultra-rich population, given the significantly lower starting point compared to historical markets, such as the Mediterranean and the Americas. In this regard, one should look at the public and private initiatives underway in the region, such as recreational boating marina development projects along China’s southern coast and the rise of Hainan as a new global luxury hub.