PraxisIFM Group Limited (CISX:) agreed to acquire Sarnia Yachts Limited on May 16, 2023. Sarnia Yachts’ 22 employees will join Praxis team. Following the transition, majority shareholder and incumbent Sarnia Yachts Chief Executive Officer, Tim Joyce, will retire.

Under the terms of agreement, PraxisIFM will pay amount of £4.1 million in cash. The consideration is payable 65% on completion, 15% on the first anniversary of completion and 20% on the second anniversary of completion. A mechanism is included that would allow consideration to rise to £4.5 million, contingent on business performance during the two years following acquisition.

PraxisIFM issued an unsecured £15 million bond, remainder of the proceeds will finance the acquisition of the Sarnia Yachts Limited. The transaction is subject to regulatory and competition authority approvals. Tom Carey from Carey Olsen (Guernsey) LLP acted as legal advisor to Sarnia Yachts Limited.