Verona Capital buys control of Dredge Robotics in 3.4x exit for Acorn
What's the deal? Perth-based family office Verona Capital has acquired a controlling stake in Dredge RoboticsDealroom has a profile for this one. Try Dealroom →, a firm that builds robotic systems for maintaining industrial water infrastructure. The deal hands early backer Acorn CapitalDealroom has a profile for this one. Try Dealroom → a 3.4x cash return and a 30% internal rate of return. Verona is the investment vehicle of Craig Burton.
What each side does: Dredge Robotics, which grew out of Fremantle Commercial DivingDealroom has a profile for this one. Try Dealroom → (founded 1983), builds robots that clean and maintain ponds and storage tanks for mining clients including BHPDealroom has a profile for this one. Try Dealroom → and Rio Tinto. Melbourne's Acorn Capital was the early-stage investor exiting the deal.
The numbers: Over Acorn's five-year hold, Dredge Robotics grew revenue fivefold to about A$30 million and expanded its workforce from 29 to 98. It projects A$30 million in revenue for the 2026 financial year.
What changes? Founders Anthony Odd, Ben Fazioli, and Dean Colcott keep a significant stake and continue to run the company. Verona now holds the majority position and will fund expansion.
What's the endgame? Andrew Bert, Acorn Capital's head of private markets, called Dredge Robotics an Australian technology success story with global potential, pointing to its "world-leading robotic system" and blue-chip client base as a platform for both domestic and international growth.
The signal: The deal shows appetite for niche industrial robotics tied to mining, a core sector for Australia. It also marks a clean exit that keeps founders in place — a structure that lets acquirers buy proven technology without disrupting the team behind it.
Image credit: Sam Beebe
