Camper & Nicholsons is set to change hands after Lai Sun Development agreed to sell an initial 80 per cent stake in the superyacht services company in a deal valuing the business at €50m.
The agreement, signed on 28 May 2026, will see Wave Expandary Limited acquire the stake for €40m, subject to customary completion adjustments. The transaction is structured through the sale of shares representing 81.4 per cent of the holding company that owns 98.27 per cent of Camper & Nicholsons International.
According to Lai Sun Development’s filing, the valuation represents approximately 12 times the company’s estimated FY2025 EBITDA of about €4.1m. The total value of the transaction, including arrangements covering the remaining interest, is €49.14m.
Founded more than 240 years ago, Camper & Nicholsons provides a range of services to the superyacht market, including yacht and charter brokerage, yacht and charter management, new-build and design supervision, insurance services, corporate support and crew placement.
“Camper & Nicholsons welcomes this investment as an important milestone in the company’s continued growth,” CEO Paolo Casani told SYT. “The transaction reflects strong confidence in the brand, its global platform, and the expertise of its team. Working alongside our existing shareholders, Lai Sun Group, we look forward to this next chapter and to continuing to build on our strong foundations.”
The buyer, Wave Expandary Limited, is backed by Sea Expandary Limited, which is providing a guarantee for the transaction. The Sea Expandary venture is founded by Richard Liu Qiangdong, founder and chairman of JD.com, China’s largest retailer by revenue.
In February 2026, Liu announced the launch of the Sea Expandary yacht brand and outlined plans for an integrated marine business covering research and development, manufacturing, sales, brokerage, leasing, operations and after-sales services. The initiative is backed by a reported investment of around US$700m and is focused in part on advancing yacht industry development in the Guangdong-Hong Kong-Macao Greater Bay Area, including work on alternative propulsion technologies.
Following completion, Lai Sun will retain a 20 per cent interest in Camper & Nicholsons. A shareholders’ agreement gives Wave Expandary the right to nominate four of the five directors on the company’s board, while Lai Sun will nominate one director.
The agreement also includes put and call options covering the remaining stake. Either mechanism could lead to the transfer of Lai Sun’s remaining holding from 31 December 2027 onward. Each option is currently valued at an estimated €9.14m, based on the same per-share valuation applied to the initial transaction.
“The company will continue to operate without disruption, maintaining full continuity across its leadership and suite of yachting services. Clients and partners can expect the same high standards of service and commitment that have long defined Camper & Nicholsons,” Casani adds.
For the financial year ended 31 July 2025, Camper & Nicholsons reported revenue of HK$270.7m (US$34.54m), profit before tax of HK$20.2m (US$2.58m) and profit after tax of HK$13.1m (US$ 1.67m).
Lai Sun expects the disposal to generate a gain of approximately HK$91m (US$11.61m) to HK$92m (US$11.74m) upon completion. The company said the sale forms part of an ongoing review of its investment portfolio and is intended to sharpen business focus, improve liquidity and provide greater financial flexibility. Proceeds are expected to be used for working capital requirements and debt repayment.
Completion remains subject to a number of conditions, including shareholder and regulatory approvals. The parties are targeting completion before 30 September 2026, after which Camper & Nicholsons would no longer be consolidated into Lai Sun’s financial statements.
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