Lai Sun Development Company Limited is selling an initial 80 per cent stake in Camper & Nicholsons International, in a transaction valuing the business at €50 million, as reported by SuperYacht Times.

The agreement, signed on May 28, sees the Hong Kong-listed group divest its majority interest for an initial consideration of €40 million, subject to customary post-completion adjustments. The valuation is based on approximately 12 times FY2025 EBITDA, with management EBITDA reported at around €4.1 million.

Camper & Nicholsons is a long-established player in the global superyacht industry, offering a full range of services including yacht and charter brokerage, yacht and charter management, new build and design supervision, insurance services, corporate support and crew placement.

The buyer, Wave Expandary Limited, will acquire the stake with a guarantee provided by Sea Expandary Limited. The seller retains the remaining interest in the business under a structured shareholders’ arrangement governing future ownership.

Sea Expandary Limited is ultimately linked to a newly established yacht-focused industrial platform in China. The group is associated with an initiative led by JD.com founder Richard Liu Qiangdong.

In February 2026, he announced the launch of an independent yacht brand under the ‘Sea Expandary’ name, backed by an investment of approximately US700 million. The venture is understood to span R&D, manufacturing, sales, brokerage and after-sales services, with a focus on new-energy propulsion systems and broader yacht industry development in the Guangdong-Hong Kong-Macao Greater Bay Area.

As part of the Camper & Nicholsons agreement, both Lai Sun and Wave Expandary have agreed put and call options over the remaining stake, exercisable from 31 December 2027. Each option is estimated at €9.135 million and is linked to the original transaction valuation.

For the financial year ended 2025, Camper & Nicholsons generated revenue of HK$270.7 million and recorded a net profit after tax of HK$13.1 million. Upon completion, Lai Sun expects to recognise a gain of approximately HK$91-92 million, and the business will be deconsolidated from the group’s accounts. 

Completion remains subject to customary conditions, including shareholder approvals and regulatory clearances, with a long stop date set at 30 September 2026. Lai Sun said the disposal is part of its strategy to streamline its portfolio, improve liquidity, and support working capital and debt repayment objectives.

camperandnicholsons.com

For original SuperYacht Times article, click here