Camper & Nicholsons International is set to change hands after Hong Kong-listed parent Lai Sun Development agreed to sell an 80 per cent stake in the superyacht services firm in a deal valuing the business at €50 million.

Signed on 28 May and disclosed via a joint regulatory filing on the Hong Kong Stock Exchange, the agreement sees Wave Expandary Limited acquire the stake for €40 million, subject to post-completion adjustment. The price implies a multiple of around 12 times C&N’s FY2025 EBITDA of €4.1 million.

C&N’s net asset value as at 31 January 2026 was about €37.9 million. But that figure is stated in the filing before deduction of a shareholder loan of just over €29 million, leaving an underlying equity base of around €8.7 million. So the EBITDA multiple is almost entirely carrying the financial rationale for the deal.

Wave Expandary is widely reported to be linked to Richard Liu Qiangdong, founder and chairman of Chinese e-commerce giant JD.com. In February earlier this year, Liu launched the Sea Expandary yacht brand, reportedly outlining plans for a vertically integrated marine business spanning manufacturing, brokerage and services.

Lai Sun will retain a 20 per cent interest after completion and the right to nominate one of five board directors, with Wave Expandary controlling the remaining four seats. Either party may trigger a full buyout of Lai Sun’s residual stake from 31 December 2027, at a price currently estimated at around €9 million.

C&N reported revenue of €29.4 million and profit after tax of €1.4 million for the year ended 31 July 2025, according to the filing. Lai Sun expects to recognise a gain of around €10 million on the sale, with proceeds directed towards working capital and debt repayment.

Completion remains subject to shareholder approval at a Lai Sun Garment general meeting scheduled for 29 June 2026, with a long stop date of 30 September.

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