Sarnia Yachts to be acquired by private wealth provider
Sarnia Yachts has announced it is being acquired by independent global private wealth and corporate services provider Praxis.
The deal, subject to receiving regulatory and competition authority approval, is a strategic move that will expand Sarnia Yacht’s existing yacht services. With offices in the UK, Guernsey and Malta, the company provides yacht ownership and new build and refit management services, as well as crew employment and payroll.
Following the transition, majority shareholder and Sarnia Yachts’ CEO Tim Joyce will be retiring after 16 years with the business. He 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 has offices across the world, including Hong Kong, Anguilla, the BVIs and Mauritius, among others. The 22 existing employees of Sarnia Yachts 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.
Rob Fearis, CEO of Praxis, (pictured with Joyce) 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.”