Perth-based family office Verona Capital has acquired a controlling interest in the innovative dredging technology firm, Dredge Robotics. The deal marks a successful exit for early-stage investor Acorn Capital, which has nurtured the company's significant growth over the past five years. Dredge Robotics specializes in robotic solutions for maintaining critical water infrastructure for major industrial clients, including BHP and Rio Tinto.
Details of the Strategic Acquisition
Verona Capital, the investment vehicle of Craig Burton, will now hold the majority stake in the specialized robotics company. The founding team, comprising Anthony Odd, Ben Fazioli, and Dean Colcott, will retain a significant shareholding and continue to lead the company's operations. This arrangement ensures continuity in leadership while providing the capital and strategic support for future expansion initiatives.
A Profitable Exit for Acorn Capital
The transaction delivered a substantial return for Melbourne's Acorn Capital, which realized a 3.4 times cash return and an internal rate of return of 30% on its investment. During Acorn's five-year tenure, Dredge Robotics saw its revenue multiply fivefold to approximately AUD 30 million and its workforce expand from 29 to 98 employees. This exit underscores Acorn's strategy of backing high-growth Australian technology companies and guiding them to maturity.
Revolutionizing Industrial Maintenance
Originating from Fremantle Commercial Diving, a company founded in 1983, Dredge Robotics has become a leader in its niche sector. The company provides advanced robotic systems for the maintenance of essential water facilities such as ponds and storage tanks. Its blue-chip client list includes some of the world's largest mining companies, who rely on its technology for operational efficiency and safety.
A Vision for Global Growth
Andrew Bert, Acorn Capital's Head of Private Markets, praised the company as a remarkable Australian technology success story with global potential. He highlighted its world-leading robotic system and strong client base as foundations for significant domestic and international growth. With a projected revenue of AUD 30 million for the 2026 financial year, the company is poised for continued success under its new ownership structure.
This acquisition represents a pivotal moment for Dredge Robotics, validating its innovative technology and strong market position. The deal provides a lucrative exit for Acorn Capital while empowering the original founders and new majority owner Verona Capital to steer the company toward its next chapter. The firm is now well-capitalized to expand its reach and further solidify its leadership in the robotic maintenance industry.