After 10 years as a partner in Aveling Homes, Walter Zorzi has sold his share in the business and stepped down as one of the company’s directors.
Aveling Homes has had two owners since its inception in 2008, each with a 50 per cent share in the business – Mercedes Developments Pty Ltd, of which Mr Zorzi is managing director, and Michael Aveling.
Mr Aveling acquired Mercedes Developments’ 50 per cent share for an undisclosed sum in March.
As Mr Zorzi was Mercedes Developments’ director on the Aveling Homes board, he has stepped down following the sale of his shareholding.
According to documents sourced from the Australian Securities and Investments Commission, Mr Zorzi ceased his position as company director on March 23.
Aveling Homes told Business News the terms of sale remained confidential and that Mr Aveling was now the sole director (and chief executive) of Aveling Homes.
Mr Aveling said that, after a very successful 10-year partnership, the time was right for him to take full control of the business.
“As Zorzi was never involved in the operational side of the business, the change in ownership has had no impact on our operations,” Mr Aveling told Business News.
“I am very appreciative of the contribution that Walter Zorzi has made to the Aveling Homes business and brand, which has been an exceptional investment for them.”
Business News reached out to Mr Zorzi, with a spokesperson saying he preferred not to comment due for reasons of confidentiality.
