Sarnia Yachts acquired by Praxis
Sarnia Yachts has been acquired by private wealth and corporate services provider Praxis. Following the transition, majority shareholder and Sarnia Yachts CEO, Tim Joyce (pictured right) will retire after 16 years with the business.
The yacht ownership and management service provider’s current employees will join the Praxis teams in Guernsey, Malta and the UK. Joyce said that this will give employees and clients access to a network of private wealth and corporate services, expertise and support that Praxis provides.
“Joining forces with Praxis reinforces our mission to deliver comprehensive first-class global solutions for superyacht owners,” said Joyce. “Praxis’ locations in Malta and the Caribbean will provide a network of offices in all the key yachting jurisdictions.”
Joyce added that Sarnia Yachts has been working with Praxis as its regulated partner in Malta since summer, 2022. “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,” he said.
Founded in 1972, The International Sock Exchange (TISE) listed Praxis is an owner-managed group of companies. With more than 400 employees across 15 jurisdictions, company CEO, Rob Fearis (pictured left) said acquiring the experienced Sarnia Yachts team will accelerate the firm’s plans for further growth.
“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,” said Fearis.
“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.”