A cross-border team at Appleby has acted as lead counsel to Praxis, the global private wealth and corporate services provider, in its yacht services – offering expansion through the planned acquisition of Sarnia Yachts.
Sarnia Yachts is one of the longest-standing players in the superyacht support sector, and has a global client base of owners, trustees, family offices, lawyers and brokers serviced from its offices in Guernsey, Malta and the UK.
Appleby lawyers advised on legal due diligence, transaction documentation and regulatory aspects of the transaction, supervising teams in Malta and the United Kingdom. Led by Corporate Partner Andrew Weaver, the team included Partner Stuart Tyler, Group Partner Richard Sheldon, Associates Inyeneobong Udoh, Angharad Prescott and Raphael Chitambira. The transaction remains subject to customary regulatory approvals.
Jonathan Le Maistre, Acquisition and Integration Project Lead at Praxis, said: “The support and drive of the Appleby team were a significant contributor to the successful conclusion of this transaction and we look forward to Appleby’s assistance in taking it to completion. Appleby’s experience in corporate law, M&A and regulatory services were highly appreciated by the entire Praxis team.”
Andrew Weaver, Corporate Partner at Appleby, said: “We are really pleased to have worked with the Praxis team again on this latest acquisition, having acted as lead counsel for a number of mergers and acquisitions for this important client over the last few years, most recently last year’s disposal of Praxis’s fund services business to Sanne (now Apex). The transaction showcases Appleby’s strength as a cross-border M&A team, with the ability not only to co-ordinate our own teams but also to supervise and co-ordinate local counsel in overseas jurisdictions.”