Sarnia Yachts has today announced that, subject to receiving regulatory and competition authority approval, it is being acquired by independent global private wealth and corporate services provider Praxis, in a strategic move that will expand its existing yacht services.
Sarnia Yachts’ 22 employees will be joining the Praxis teams in Guernsey, Malta and the UK, ensuring continuity for their existing clients and referrers as well as providing access to the extensive range of private wealth and corporate services that Praxis provides. Following the transition, majority shareholder and incumbent Sarnia Yachts CEO, Tim Joyce, will be retiring after 16 years with the business.
Tim said: ‘Joining forces with Praxis gives our employees and clients access to an expanded network of services, expertise and support, and reinforces our mission to deliver comprehensive first-class global solutions for superyacht owners. Praxis’ locations in Malta and the Caribbean will provide a network of offices in all the key yachting jurisdictions.’
‘Sarnia Yachts has been working with Praxis as its regulated partner in Malta since summer 2022, and we chose them based on their knowledge of yacht ownership and registration. As such our people are well known to each other, making this a very natural fit and an exciting development.
Praxis CEO, Rob Fearis, said: ‘We are incredibly excited about this partnership. There is great synergy between our businesses in terms of culture and client base as well as geographic footprint, and this acquisition reflects our confidence not just in Sarnia Yachts but in the potential of the yacht services market more broadly.
Sarnia Yachts is a highly regarded business, and its services will dovetail perfectly into our existing portfolio, enabling us to expand our offering in this space. We are delighted with the prospect of gaining such a fantastic team of seasoned and knowledgeable professionals to support our growth plans.’
Originally founded in 1972, Praxis is an independent, owner-managed group of companies. The Group was listed on TISE in 2017 and has more than 400 employees across 15 jurisdictions.