The major shareholder for Camper & Nicholsons has agreed to sell controlling interest in the company. The buyer is a firm that recently revealed plans to build what it calls “affordable” yachts. Agreed-upon options may allow the buyer ultimately to acquire 98 percent of the yacht brokerage, charter, and management business.
On May 28, Lai Sun Development, which invested in Camper & Nicholsons in 2016, announced it’s selling an 81.4-percent equity stake to Wave Expandary. The deal is valued at €40 million ($46.5 million). According to a press release, the parties also have agreed to both a put option for La Sun Development and a call option for Wave Expandary. The former requires Wave Expandary to buy Lai Sun Development’s remaining shares if Lai Sun Development triggers the option. Similarly, the latter requires Lai Sun Development to sell its remaining shares to Wave Expandary. Either way, the option value is an estimated €9.135 million ($10.6 million). When either occurs, Wave Expandary will acquire a further 18.6 percent of the total issued share capital. Altogether, it will have a 98.27 percent ownership stake.
Wave Expandary belongs to Sea Expandary, a Chinese company that made headlines earlier this year. Richard Liu, the founder of the Chinese e-commerce firm JD.com, held a signing ceremony in February with the Shenzhen and Zhuhai governments, announcing Sea Expandary as an independent yacht brand. The goal is to build “100 percent green” yachts, affordable for most households, too. Liu says he’s investing 5 billion yuan ($690 million) in a factory in Zhuhai and headquarters in Shenzhen. Sea Expandary will conduct its own research and development, along with sales. The construction and management of multiple marinas will occur in Shenzhen under Sea Expandary as well. Ultimately, Liu says, the significant investment is necessary to compete with the world’s leading yacht builders.
Lai Sun Development became an investor in Camper & Nicholsons in 2016. With the sale, it intends to restructure its business focus, which is primarily property investment and development.
Camper & Nicholsons camperandnicholsons.com
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