After 65 years of family ownership, Matthew and Ken Vaughan are selling down their stakes in one of the country's biggest private industrial construction and development businesses, Vaughan Constructions.

The brothers, who jointly own the company founded by their father Kenlem in 1955, have appointed Deloitte to "identify joint venture or capital partners to strengthen its balance sheet and underpin the expansion of its $700 million construction and development portfolio in new markets".