D&G buys Verticon crane unit for $12m

Malaga-based D&G Hoists and Cranes has entered a deal to buy Melbourne-based Verticon Group's crane and hoist division for $12 million.

Included in the sale were all of Verticon's tower cranes, hoists, ancillary equipment, hire agreements and employees.

Verticon said proceeds from the sale will be used to reduce underlying Westpac debt from $41 million to $29 million.

D&G managing director Gino DeCesare said he looked forward to expanding the Verticon business model into a nationally focused tower crane, hoist and mobile crane business.

D&G has been involved with the development of the Raffles Hotel and the RAC building near Harbour Town.

Verticon has over 100 cranes and 60 hoists.

The sale agreement is subject to shareholder approval by Verticon investors, with a meeting scheduled for late next month.