M and A
Private Wealth, Corporate Services House Buys Yacht Business

The transaction is an example of how, notwithstanding certain pressures, the industry for servicing, buying and maintaining these vessels continues to thrive.
Global private wealth and corporate services provider Praxis intends to push further
into the yacht services arena, buying specialist superyacht
ownership and operational services business Sarnia Yachts.
Sarnia Yachts has a client base of owners, trustees, family
offices, lawyers and brokers serviced from its offices in
Guernsey, Malta and the UK. With a history dating back 50 years,
it provides services including yacht ownership, yacht management,
crew management, yacht insurance support, and ownership
administration and support for family offices on yacht-related
services.
The proposed deal – the financial terms of which were not
disclosed – is subject to regulatory and competition authority
approvals.
While volatile financial conditions and rising interest rates
create headwinds, data suggests that firms such as Sarnia Yachts
continue to ride a rising wave of demand. According to Mordor
Intelligence, the sector is expected to expand at a compound
annual average rate of about 8 per cent from 2022 to 2027.
Another study, from Future Market Insights, said the
market for these aristocrats of the sea is expected to generate
revenue of $8.812 billion by the end of 2023.
“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, “
Praxis chief executive Rob Fearis, said.
Sarnia Yachts’ 22 employees will join the Praxis team. Once the
transition is completed, majority shareholder and incumbent
Sarnia Yachts CEO, Tim Joyce, will retire after 16 years with the
business.
“Praxis’ locations in Malta and the Caribbean will provide a
network of offices in all the key yachting jurisdictions,” Joyce
said.